Bitcoin price fell to its lowest level in almost over a month as the cryptocurrency market experienced a mass decline over the past few hours.
After several days of sideways trading, bitcoin finally made a move but it is not positive for the bulls, as it fell below the $29k level in the last 24 hours.
The US Securities and Exchange Commission (SEC) ordered Coinbase - the largest US cryptocurrency exchange - to halt trading on all cryptocurrencies except Bitcoin, before filing a lawsuit against the platform in June, the Financial Times reported Monday.
Coinbase CEO Brian Armstrong told the newspaper: We really didn't have a choice at that point. Delisting all assets other than Bitcoin, which by the way is not what the law says, would have basically meant the end of the crypto industry in the US.
The crypto market is in the red
The largest digital currency by market capitalization, Bitcoin, fell below $29,000, its lowest price in a month and a half, losing more than 1.5% of its value in the last 24 hours.
Bitcoin, and the rest of the market, has been quiet for several days in a row, which is somewhat unusual for a volatile crypto market.
The most popular digital currency, bitcoin, was trading in a narrow range between $29,000 and $29,500, with the former as a resistance line.
However, the landscape changed during the early Asian trading session, on Tuesday. Bitcoin fell from over $29,000 to $28,750. This became the lowest price since June 21.
Although it has recovered a few hundred dollars since then, Bitcoin is still in the red right now. Likewise, most other cryptocurrencies have suffered as well.
It is to some extent expected that this volatility has hurt highly leveraged traders, especially those with long positions.
Recent data from CoinGlass shows that the total value of liquidations over the past 24 hours has risen to just $100 million.
The digital currency market now
The combined market value of the crypto market during these moments of today's trading is about $1.16 trillion. The trading volume amounted to about $32.09 billion.
Bitcoin fell by 1.6% in the last 24 hours, to now reach levels of $28,921, while recording weekly losses of 0.8%. Its market capitalization is now $562 billion.
While Ethereum, the largest digital currency by market value after Bitcoin, fell by 1.7% in the last 24 hours, to reach $1,833, with weekly losses of 1%, and a market value of about $ 220 billion.
The price of Binance Coin rose by 1%, to $245. The price of the Ripple XRP currency decreased by 2%, to record $ 0.69034, with a weekly gain of 0.6%.
Cardano saw a drop to $0.3051, down 2.3%, and a 0.4% gain over the last 7 days.
On the other hand, Dogecoin fell to $0.076637, or 2.3%, with a weekly increase of 0.4%.
