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 $437.9 billion at the time of writing from $$448 billion on Wednesday. The world’s largest cryptocurrency currently accounts for 39.4% of the market, followed by Ethereum’s 17.7% share of the pie. The industry’s second-largest cryptocurrency 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%. Today’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 securities laws violations.
Read more : Bitcoin Sinks Below $23,000 as Crypto Regulation Scrutiny Intensifies.
