Crypto Market sheds $40B as Bitcoin and major crypto currency show a downward pricing.
U.S. Securities and Exchange Commission levied crypto exchange Kraken with a $30 million fine.
It was in January that Bitcoin was at this price level. It was between the New Lunar Year bull run that gradually took the price of BTC above $24,000. The industry's second-largest cryptocurrency, Ethereum is also down while losing 5.4% in a single day. Ethereum is currently trading at around $1,545.
It is noteworthy here that not just Bitcoin or Ethereum but several other popular coins have also suffered bigger losses in the past 24 hours.These include-
Cardano (ADA) and Dogecoin (DOGE) showing a down trend of 6.5% and 7% respectively on the day,
Solana (SOL) was down 7.9% on the day,
Avalanche (AVAX) and Polkadot (DOT), the latter two lost their price values by 8.4% and 8.8% respectively.
The combined market capitalization of all cryptocurrencies, which was valued at $1.1 trillion, fell down to $1.6 trillion when major crypto currencies were facing downward pricing.
The crypto industry was in the news again when the U.S. Securities and Exchange Commission (SEC) levied crypto exchange Kraken with a $30 million fine for violating securities laws. It is being told that it failed to register the offer and sale of its staking-as-a-service program.
Though there is no denial or acceptance of the news officially from Kraken,, the exchange agreed to hold its staking service for U.S. clients. The allegations on Kraken can have long term impacts on its revenue model as well as on the crypto industry on a darker side. The negative sentiments of this imposition will attract exclusion of Americans from the industry.
Looking at the mature factors and the opportunities Crypto Industry offers, It is clear that neither staking nor crypto is going away in the future and the winners will likely be non-U.S. staking providers!
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