Bitcoin plunged by more than $1,000 in the last 24 hours to a three-week low below $22,000 as the SEC officially went after cryptocurrency staking.

Most altcoins are bleeding just as bad, with ADA, DOGE, OKB, SOL, DOT, and many others dumping more than 5% in a day.

BTC falls below $22K

It was earlier in the month, after the US Federal Reserve’s latest rate hike, that the largest cryptocurrency shot up to $24,300 (on Bitstamp) to mark a five-month high. However, the tides turned at that point when the bears remembered their presence.

BTC not only failed to hold above $24,000, but fell back to $23,000 days later. It spent the weekend around that level with low trading volumes before trying to break above the latter once again earlier this week, but to no avail.

As such, bitcoin remained stuck in a familiar range near $23,000. It was then that the landscape changed when rumors that the SEC was cracking down on cryptocurrency staking materialized and the regulator went after Kraken.

In the hours that followed, BTC plunged by roughly $1,500 and fell to a three-week low of $21,600. Despite recovering a few hundred dollars now, Bitcoin is still down more than 3% on the day. Its market capitalization has shrunk to $420 billion, while its dominance over altcoins is 41.4%.

BTCUSD. Source: TradingView

Altcoins in red

Altcoins have also turned red on a daily scale following the SEC’s actions. Ethereum is down 5% in one day and is struggling to $1,550. Just for reference, ETH remained well above $1,700 until a few days ago.

Binance Coin, Ripple, Polygon, Litecoin, and Tron are down as much as 4% in one day. Even more losses are evident from Cardano, Dogecoin, OKB, Solana, Polkadot, and Shiba Inu have plunged by as much as 8%.

The situation with small and mid-cap altcoins is similar, with most falling by 5-10%. As such, it is no surprise that the cumulative market capitalization of all crypto assets has plunged by $70 billion in one day and sits just inches above $1 trillion.

Overview of the cryptocurrency market. Source: quantify crypto

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TradingView cryptocurrency charts.

This post $70 Billion Vanished From Crypto Markets As SEC Cracks Down On CEXs: Market Watch

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