The login password market expanded and declined on Friday, as many cryptocurrencies were slaughtered. After raising hopes for the future of a bull market, Bitcoin has slowly managed to stay above $21000 again. As of 7:30 this morning, global market capitalization had shrunk 5.45% to $102 million in the past 24 hours, according to CoinMarketCap.
In November 2021, the total market capitalization of Bitcoin exceeded the $300m level for the first time, mainly due to the conclusion that Bitcoin reached an all-time high of $69000. But now, market conditions at this stage require everyone to proceed with caution, as all key cryptocurrencies are experiencing sharp declines.
The price of Bitcoin, the largest cryptocurrency on the market, has fallen 4.3% to $21846 in the past 24 hours, while the second-largest cryptocurrency, Ether, has fallen below $1.6k. In addition, other alternative currencies, such as Cardano, Dogecoin and Solana, have also seen bright red wars.
Bitcoin (BTC) faces challenges again amid a broader market decline. According to previous media reports, Kraken, the boss of the password trading center, has agreed to shut down his business process of making bets on encrypted currencies, after the Foreign Securities and Exchange Commission (SEC) accused the website of violating securities laws.
As previously reported by Coingape, Gamo Gensler, the current chairman of SEC, makes it clear that Kraken chips are given and sold as securities. Share-as-a-service providers must apply for registration and provide comprehensive, fair and truthful disclosure and investor protection.
According to estimates from Coinglass, an encrypted data service, investors have already forced to close about $90 million in long positions in BTC, compared with about $42 million in short positions in BTC in the past seven days.
As a result, if Bitcoin falls below $20,000 again, investors will lose all remaining upside expectations, even if Bitcoin declines in 2024.
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Tue, 18 Apr 2023