Bitcoin (BTC) is again under pressure as the leading cryptocurrency briefly sank to a four-week low of $22,408 on Thursday morning before climbing back to prices of around $22,715 by press time, according to CoinGecko.
Today’s drop comes after Bitcoin’s convincing performance in January, which saw BTC soar almost 40% since the start of the year, raising investors’ expectations for a renewed bull run.
The latest price action also saw Bitcoin shed about $10 billion in market capitalization, which fell to $183.5 billion at its lowest point.
The industry’s second-largest cryptocurrency, Ethereum (ETH), lost 2% over the day, currently trading around $1,640.
Other major cryptocurrencies, including Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE), are following a similar price trend, with daily losses being in the range between 2% and 3.5%.
Regulators ramp up crypto scrutiny amid market declinesToday’s market drop comes in the wake of the reports of the U.S. Securities and Exchange Commission (SEC) investigating popular cryptocurrency exchange Kraken for alleged securiites violations.
This has led to increased scrutiny of the industry by regulators, spooking investors and causing the prices of most cryptocurrencies to drop.
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