#Write2earn #CRYPTO MARKET FACES REGULATORY HURDLES: #ANALYSIS & INSIGHTS #sec #GENSLER
The crypto market faces another setback as trading volume hits its lowest point in weeks, plunging to $63.63 billion. This decline, down by 17% in just a day, drags the overall market cap to $2.3 trillion, while the fear and greed index shifts away from bullish sentiments.
Major cryptocurrencies like Bitcoin and Ethereum see price declines, with Bitcoin trading at $62,309.95 after a 2% drop, and Ethereum at $2,999.41 following a 2.2% fall, exerting downward pressure on other cryptocurrencies.
Fresh regulatory concerns and decreased Bitcoin Futures ETF and exchange inflows contribute to today's market decline. The SEC's Wells notice to Robinhood and sustained Bitcoin ETF outflows impact investor sentiment. Ethereum, however, sees a break in outflow trends, with $30 million in inflows within a week of Hong Kong ETFs' launch.
Bitcoin exchange inflows hit a decade-low, indicating long-term holders' reluctance to distribute, possibly signaling an accumulation phase. Analysts speculate Bitcoin may dip below $50,000 before resuming its climb to new highs.
