Ah Already! Why Is Crypto Falling So Badly?
"Investors must be surprised, yes he wakes up and all crypto falls."The cryptocurrency market plummeted when the Securities and Exchange Commission (SEC) of the United States (US) charged crypto exchange company Kraken with violating US securities laws for offering unregistered staking programs.It is reported that the entire crypto community is very worried that the SEC will suddenly eliminate staking entirely.Coupled with the statement of the Chief Executive Officer (CEO) of Coinbase, Brian Armstrong who expected the SEC to ban staking also gave investors a surprise.As a result of the news, the price of Bitcoin (BTC) plunged by 4.52% at $21,880 in the last 24 hours while the outflow in the crypto market was almost $30 billion.While the second largest crypto Ethereum (ETH) fell around 5.93% at the $1,549 zone and other digital assets such as Avalanche (AVAX) including Dogecoin (DOGE) each lost more than 8%.According to SEC Chairman Gary Gensler, the action against Kraken aims to warn companies that offer crypto staking must be registered and provide full protection to investors.It is well known that Kraken's quarterly staking report at the end of last year recorded $42 billion, where 23% of the entire crypto market capitalization is held by staking blockchains.Through industry experts' predictions, crypto prices may continue to plummet in the near term and the most affected digital assets are DeFi tokens as the ecosystem is found to focus on staking.
"Investors must be surprised, yes he wakes up and all crypto falls."
The cryptocurrency market plummeted when the Securities and Exchange Commission (SEC) of the United States (US) charged crypto exchange company Kraken with violating US securities laws for offering unregistered staking programs.
It is reported that the entire crypto community is very worried that the SEC will suddenly eliminate staking entirely.
Coupled with the statement of the Chief Executive Officer (CEO) of Coinbase, Brian Armstrong who expected the SEC to ban staking also gave investors a surprise.
As a result of the news, the price of Bitcoin (BTC) plunged by 4.52% at $21,880 in the last 24 hours while the outflow in the crypto market was almost $30 billion.
While the second largest crypto Ethereum (ETH) fell around 5.93% at the $1,549 zone and other digital assets such as Avalanche (AVAX) including Dogecoin (DOGE) each lost more than 8%.
According to SEC Chairman Gary Gensler, the action against Kraken aims to warn companies that offer crypto staking must be registered and provide full protection to investors.
It is well known that Kraken's quarterly staking report at the end of last year recorded $42 billion, where 23% of the entire crypto market capitalization is held by staking blockchains.
Through industry experts' predictions, crypto prices may continue to plummet in the near term and the most affected digital assets are DeFi tokens as the ecosystem is found to focus on staking.
