Cryptocurrency Market Dips 4.3% With Bitcoin Slipping to $21,846
Bitcoin (BTC) is once again under pressure, as the leading cryptocurrency briefly sank to a four-week low of $22,408 on Thursday morning before climbing back to prices of around $22,715 by press time. Wednesday saw Bitcoin's market capitalization drop from $448 billion to $437.9 billion, a decrease of $10 billion. Bitcoin holds the largest market share of the cryptocurrency market at 39.4%, with Ethereum following close behind at 17.7%.
Cryptocurrency ranking second in the industry saw a decline of 2% in its value, currently trading at approximately $1,640. BNB, ADA, and DOGE are all experiencing a similar pattern, with daily drops between 2% and 3.5%.
The U.S. Securities and Exchange Commission (SEC) announcing an investigation into popular cryptocurrency exchange Kraken for potential violations of securities laws has resulted in today's market drop. The exchange agreed to shut its cryptocurrency staking operations following the SEC’s allegations.
At 11 am IST on February 17, 2023, the total value of all cryptocurrencies in circulation around the world was $1.08 trillion, a drop of 2.95 per cent from the day before, as per coinmarket.com.  In the last day, cryptocurrency transactions have amounted to $74.11 billion, showing an increase of 15.63%.
In the past 24 hours, Bitcoin’s price has dipped 4.3% to $21,846, with Ether, the second-largest crypto, stumbling below $1.6k. At the same time, other cryptocurrencies such as Cardano, Dogecoin, and Solana have also seen losses. Litecoin saw the biggest move, tumbling 1.82% to $97.01.
The cryptocurrency market is always in a state of flux, with prices soaring and plummeting regularly. However, as the Federal Reserve ramps up interest rates and US 2-year yields increase by 10 bps this week, pushing US Dollar Index (DXY) up around 0.
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1. “Going ‘Parabolic’—Analyst Who Called 2020 Crypto Boom Issues Huge Bitcoin Price Prediction After $100 Billion Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana Rally” Forbes, 16 Feb. 2023, https://www.forbes.com/sites/billybambrough/2023/02/16/going-parabolic-analyst-who-called-2020-crypto-boom-issues-huge-bitcoin-price-prediction-after-100-billion-ethereum-bnb-xrp-cardano-dogecoin-polygon-and-solana-rally/
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4. “Crypto Market Bleeds, With Bitcoin Falling Below $22k” CoinGape, 10 Feb. 2023, https://coingape.com/end-of-bull-run-crypto-market-bleeds-with-bitcoin-falling-below-22k-10080/
5. “Most big cryptocurrencies decline as Litecoin declines” msnNOW, 9 Feb. 2023, https://www.msn.com/en-us/money/markets/most-big-cryptocurrencies-decline-as-litecoin-declines/ar-AA17i5nj
6. “On-Chain MVRV Indicator Lights Up Bitcoin Bull Market Path” BeInCrypto, 13 Feb. 2023, https://beincrypto.com/onchain-indicator-mvrv-signals-bitcoin-bull-market/
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