Bitcoin Falls to Three-Week Low

The previous twenty-four hours have been difficult for the bulls, as Bitcoin has fallen to a new three-week low below $21,500.

The majority of alternative cryptocurrencies, including ETH liquid staking coins, have seen double-digit price declines.

After the latest interest rate increase by the U.S. Federal Reserve on February 2, the leading cryptocurrency began the month on a strong note, surging above $24,200. In the subsequent days, the environment altered, and the asset retraced to around $23,000.

Bitcoin began to quickly lose value towards the conclusion of this week when the SEC of the United States tightened its crackdown on crypto staking. While industry experts continue to weigh in on how these regulatory steps will impact the market, the price of Bitcoin dropped below $22,000 yesterday and fell below $21,500 today.

Since January 20th, this was the lowest price tag. Currently, the cryptocurrency trades several hundred dollars over that threshold, but its market capitalization is less than $420 billion. Its dominance over alternates remains at 41.4%.

In the previous few days, ETH liquid-staking altcoins like LDO, FXS, and RPL were among the top gainers. However, after the SEC’s measures, they have retreated significantly, and all three have lost over 10% in the previous 24 hours alone.

Even if the majority of alternative stocks with a bigger market capitalization are in the negative today, the larger-cap alternatives are now more tranquil. Ethereum is down 2% and is barely over $1,500 by a hair’s reach. Currently, Ripple, Cardano, Dogecoin, Polygon, Solana, and Polkadot are all seeing slight losses.

On the other side, Binance Coin, OKB, Shiba Inu, and Litecoin have seen small increases. HBAR is one of the few notable daily gainers, increasing by nearly 16% to $0.09. After losing $70 billion over the previous two days, the entire crypto market capitalization has stayed at roughly $1.01 trillion.

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