The complete crypto market is recognizing quite a downside from this morning. The biggest coins Bitcoin (BTC) and Ethereum (ETH) gone to -7.11% close to $40,000 and $2,900 respectively. As of now, this is the steepest and largest drop since Jan 21.
The complete market is in red where hardly any coin strives to make some greens. Ethereum, the second-biggest cryptocurrency after Bitcoin also makes a downfall to nearly 6%. Whereas, Solana (SOL), Cardano(ADA) are as down as 10% and 9% respectively. Other popular altcoins such as Shiba Inu, Dogecoin, and Polygon remained flat throughout the analysis.
The high volatility in the market continues to soar largely because of the uncertain market economy due to the persistent Omicron Covid-19 variant. The Federal Reserve Chairman, Jerome Powell stated about the ongoing cryptocurrency regulation is still to be drafted.
According to market experts, the current tensions between Ukraine and Russia can also be a cause behind the stumping downfall of the crypto market. Consequently, Wall Street in The United States has tightened its belt for upcoming impact in the market. Similarly, the aggressiveness shown by The Central Bank of America and geopolitical concerns has filled most of the investors with fear.
The latest announcement from the FBI today for a new crypto crimes division has proven to be a cherry on top of the cake.