The crypto market witnessed heavy sell-offs as BTC fell below $22000 to its lowest in two weeks. Though it was riding on its optimistic sentiments just a couple of days back, regulatory uncertainty crept up in the United States, which could have influenced the sell-offs.
A major exchange ended its crypto staking operations in the US and offered a settlement to the Securities and Exchange Commission, which could have swung the markets towards a downward trend with most altcoins shedding their gains. MATIC was one token which jumped by over 10%, most probably due to an upcoming launch. ETH, Dogecoin, BTC, Polygon, Polkadot, and most other cryptos were trading in red on February 10.
Global economic conditions seem to be relatively stable at present, but inflationary trends have been uncertain. Central bankers have repeatedly cautioned against slowing down interest rate hikes until inflation cools down considerably. The overall market capitalization of the crypto market fell by almost 3%, most likely due to the latest development concerning the exchange. Volumes of BTC rose by over 6% to approximately $30 billion.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $21800 on February 10, 2023, with BTC/USD down by 3.37% in the previous 24 hours, with most altcoins suffering losses as well. After many weeks, BTC/USD is trading below its 20-day EMA (22,563.11).