Bitcoin, the leading cryptocurrency, briefly sank to a four-week low of $22,408 on Thursday, erasing about $10 billion from its market capitalization.
The world’s largest cryptocurrency has seen its market share fall to 39.4%, while Ethereum’s has risen to 17.7%. Other major cryptocurrencies, including Binance Coin, Cardano, and Dogecoin, are following a similar price trend, with daily losses ranging from 2% to 3.5%.
The cryptocurrency market has been experiencing a significant drop in prices recently, with the total market cap falling below $200 billion.
This drop comes after reports that the US Securities and Exchange Commission (SEC) is investigating cryptocurrency exchange Kraken for alleged securities law violations. The probe is reportedly at an advanced stage and could lead to a settlement in the coming days.
Coinbase CEO Brian Armstrong also addressed rumors of the SEC wanting to eliminate crypto staking for retail customers in the US. He called staking a “really important innovation in crypto” and said it is important to have clear regulations for the crypto space.
He also addressed the rumors that the SEC may be looking to eliminate crypto staking for retail customers in the US. He called staking a “really important innovation in crypto” and said that it is important to have clear regulations for the crypto space.
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