Crypto News Desk: In the past few weeks, the cryptocurrency market has been experiencing a rapid decline on Wednesday. In terms of market capitalization, the price of the largest cryptocurrency, Bitcoin, dropped by almost 3.40% to around $24,060. Bitcoin’s value dropped by $860 in just one day.
The second-largest cryptocurrency, Ether, had a greater decline than Bitcoin. Its price dropped by 3.68%. According to Gadgets 360’s cryptocurrency price tracker, Ether’s price was $1,642. Its value dropped by about $61 in the past day. Other cryptocurrencies experiencing declines were Avalanche, Binance Coin, Cardano, Polygon, Solana, Polkadot, Litecoin, Tron, Chainlink, and Monero. However, stablecoins such as Tether, USD Coin, and Binance USD saw some gains in their prices.
In the past day, the cryptocurrency market capitalization dropped by 3.16% to around $1.09 trillion. Edul Patel, Co-founder, and CEO of crypto firm Mudrex, told Gadgets 360, “Uncertainty regarding SEC and Paxos in the crypto market could be the cause of the decline, which has changed sentiment.” The U.S. Securities regulator SEC has filed a lawsuit against Paxos, the owner of the stablecoin Binance USD, accusing Paxos of issuing BUSD coins as an unregistered security. However, Paxos claims that BUSD is not a security.
Towards the end of last year, the bankruptcy of FTX, a major cryptocurrency exchange, had a significant impact on the market
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