The volatility in the cryptocurrency market saw a significant increase from last night. The leading cryptocurrency, Bitcoin (BTC), fell to $30,400 after recording a 1.25% loss in value in the last 24 hours. However, many cryptocurrencies in the market, primarily Ethereum (ETH), started the day with a rise.
Current Situation in the Crypto Market
A significant development that caused the leading cryptocurrency Bitcoin to fall briefly below the $30,000 price levels occurred last night. The Wall Street Journal (WSJ) reported that the SEC deemed Spot Bitcoin ETFs inadequate. Despite rising again in the morning, Bitcoin (BTC) briefly pulled back to the price levels of $29,850 after the WSJ news. Ethereum (ETH), which recorded a 1.7% increase in the last 24 hours, again managed to exceed the $1900 level.
The total market value of the crypto ecosystem fell by 0.3% in the last 24 hours to $1.19 trillion. Additionally, volatility in the cryptocurrency market significantly increased. According to Coinlgass data, a total of $200 million worth of short and long positions were liquidated in the last 24 hours.
Outstanding Cryptocurrencies of the Day
Despite Bitcoin’s value losses last night, there were numerous cryptocurrencies that started the day with a rise, recording double-digit value increases in the last 24 hours such as eCash, Bitcoin SV, Maker (MKR), and Litecoin (LTC). eCash (XEC), Bitcoin SV (BSV), Maker (MKR), Litecoin (LTC), Ethereum Classic (ETC), and Curve DAO Token (CRV) were among the cryptocurrencies with the highest percentage increases in the last 24 hours, according to CoinMarketCap (CMC) data.
On the other hand, following their latest value losses, Conflux (CFX), Stacks (STX), Gala (GALA), ApeCoin (APE), Solana (SOL), and Pepe (PEPE) were the cryptocurrencies that lost the most value in percentage terms among the top 100 cryptocurrencies by market value, according to CMC data.
