Ashish Kumar
Crypto News: The global digital asset market registered a massive drop on Thursday after witnessing the relief rally over the past few weeks. The cumulative crypto market cap declined by more than 3% over the last day as the biggest digital assets like Bitcoin (BTC) and Ethereum (ETH) prices slid by around 2%.
Why crypto market is on a decline?
As per the data, the crypto market saw a liquidation of around $144 million by more than 63K traders in the last 24 hours. However, the single largest liquidation order happened on Bybit of $2.7 million. This traders’ move has left the market cap standing at $1.05 trillion. While 24 hour trading volume saw a jump of 5% to stand at $64 billion.
However, this significant drop came after Brian Armstrong, CEO of Coinbase made comments that the U.S. SEC is in the pursuit of getting rid of crypto staking for retail users. He asserted that this can turn out to be a terrible path for the nation. Read More Crypto News Here….
Armstrong stated that staking is an important innovation in the crypto industry as this allows users to participate directly in running open crypto networks. This innovation brought many positive improvements in the industry that includes scalability, and security with reducing carbon footprints.
Ethereum is a Security?
If this is true then this can turn out to be bad news for the market as this will lead to action of proving “ETH is security” FUD.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
