Bitcoin Drops to 3-Week Low, LDO Sinks 14% (Weekend Monitor)

Bulls have been suffering more in the past 24 hours as BTC fell to a new three-week low of $21,500.

Many altcoins, including the ETH liquid staking coin, are in poor shape. Many have experienced double-digit price drops.

BTC drops again

The primary cryptocurrency was positive at the beginning of the month, rising to $24,200 following the US Federal Reserve’s latest interest rate hike on February 2. The landscape changed over the next few days and the asset fell to $23,000.

After sitting there for a while bitcoin lost its value quickly after the US SEC increased its crackdown on crypto-staking. BTC fell below $22,000 yesterday, and is now at $21,500. Industry experts are still weighing in on the impact of these regulatory actions on the market.

This was the lowest price it has seen since January 20. The cryptocurrency trades at a little over that level, but its market capital is still below $420 billion. It still holds 41.4% of the market share over alts.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Liquid Staking Alts Dump Hard

The ETH liquid staking altcoins such as LDO and FXS were the top gainers over the past few days. They have since retraced their steps after the SEC’s actions and are now down over 10%.

Even though many alts are still in the red, the larger-cap alts seem to be more calm today. Ethereum is now just inches above $1500, down 2%. Cardano and Polkadot, Dogecoins, Dogecoins, Polygon, Solana and Solana are all experiencing minor losses right now.

On the other hand Binance Coin and OKB, Shiba Inu and Litecoin have made insignificant gains.

HBAR is one of the few remarkable gainers on a daily basis, rising by more than 16% to $0.09.

After losing $70 billion over the past two days, the total crypto market cap is still at $1.01 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.