The past 24 hours have been a tumultuous time for the cryptocurrency market, with Bitcoin (BTC) dropping to a three-week low of under $21,500. Most altcoins have also seen significant losses, with the ETH liquid staking coins being hit particularly hard. The US Securities and Exchange Commission’s (SEC) clampdown on crypto staking has been cited as the primary cause for the market’s downturn.
The market’s largest asset, BTC, had been trading at around $23,000 before the SEC’s announcement, but it has since dropped to its lowest price since January 20. Its market cap is now under $420 billion, and its dominance over the alts has remained at 41.4%.
The ETH liquid staking altcoins have been some of the biggest losers in the past 24 hours, with LDO, FXS, and RPL all down by double-digits. The larger-cap alts have been calmer, with Ethereum (ETH) down by 2% and Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Solana (SOL), and Polkadot (DOT) all seeing minor losses.
Binance Coin (BNB), OKB, Shiba Inu (SHIB), and Litecoin (LTC) have all marked insignificant gains, while HBAR has been the most impressive gainer, surging by over 16% to $0.09. The total crypto market cap has remained stuck at around $1.01 trillion after losing $70 billion in the past two days.