Crypto Market Cap Reclaims $1T in Long-Awaited Blur Drop (Market Watch)

After several consecutive days without any falls, bitcoin recovered $22,000 after finally rebounding.

Altcoins tend to be doing well in the green with Cardano and Dogecoin, MATIC and Litecoin all spiking at over 5% per day.

Bitcoin back at $22K

Despite the continued regulatory scrutiny by US watchdogs, the past few days have not been good for the primary cryptocurrency. The SEC began to pursue Kraken and its staking platforms before the NYDFS brought Paxos under scrutiny. They claimed that Paxos sells unregistered securities through the issuance of Binance USD (BUSD).

These factors had an enormous impact on bitcoin’s price, which fell from $24,000 to $21,500 in just one week. On Monday, the latest multi-week low was at $21,375 (on Bitstamp), and the community focused on yesterday’s CPI numbers.

BTC fell short of the estimates, and it soared to $22,000 in the afternoon. As of today, the asset is 1.75% higher than it was on the previous day.

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Its market capitalization is now at $430 billion, and its dominance over other alts is still quiet at 41.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA, MATIC and DOGE Turn Green

Although the atlcoins were also subject to regulatory scrutiny, most of them have now turned green, with a 3% increase over the largest. ETH has now reached $1,550, after it fell below $1,500 yesterday.

Cardano has 7%0, Dogecoin (6%), MATIC (5%) and LTC (5.5%). FIL (6%), LDO (10%), GRT (14%), FTM (11%) are all other impressive gains.

Dogecoin and Shiba Inu, along with Floki Inu, have skyrocketed after a joke about dogs from Elon Musk.

Nevertheless, the BLUR Airdrop was perhaps the most anticipated news in crypto over the last 24 hours. Dune claims that more than 300,000,000 tokens were already claimed from the total 360,000,000.

This resulted in an increase in Ethereum’s gas fees, which was somewhat expected. In some cases, it could even lead to $200 per transaction. After spiking to over $5 shortly after the airdrop, BLUR has fallen to $0.77 on CMC.

The crypto market cap has risen to more than $30 Billion per day and is well above $1 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.