The crypto market on Friday extends its losses as many cryptocurrencies are in a bloodbath. After giving hope for a major bull run, Bitcoin is once again struggling to hold its head above the $21,000 level. According to data from CoinMarketCap, the global market cap is down 5.45% over the last twenty-four hours to $1.02 trillion as of 7:30 AM IST today.

Crypto market is bleeding

There was a time when the crypto market cap crossed the $3 trillion mark for the first time in November 2021, which was mainly due to Bitcoin hitting its all-time high of $69,000. But now the current market conditions call for caution as all major cryptocurrencies are experiencing a massive decline.

The price of Bitcoin, the largest cryptocurrency in the market, is down 4.3% in the past 24 hours to $21,846, while Ether, the second largest cryptocurrency, has fallen below $1.6k. Meanwhile, other altcoins like Cardano, Dogecoin, and Solana have also shaken into the red.

Bitcoin price falls below $22K

Bitcoin (BTC) is once again under pressure amid a broader market downturn. It is largely followed by the news that crypto exchange giant Kraken had agreed to halt its cryptocurrency staking business after the US Securities and Exchange Commission (SEC) accused the platform of violating securities laws.

As previously reported by the Coingape, SEC Chairman Gary Gensler said the Kraken staking program is being offered and sold as a security. Staking-as-a-service providers must register and provide full, fair and truthful disclosure and investor protection.

Data from Coinglass, a crypto data platform, predicted that investors had liquidated about $90 million in BTC long positions over the past seven days, compared to about $42 million in BTC short positions.

So if Bitcoin drops below $20,000 again, investors will lose any remaining hope of bullish sentiment, even with the upcoming Bitcoin halving in 2024.

Also read: Are these tokens the future of cryptogaming in 2023?

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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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