• Sat. Mar 2nd, 2024

The regulatory authorities have just gone after Paxos and the stablecoin that it reportedly issues. Paxos is known for the development of the BUSD stablecoin and the regulators are now going after it.

Prior to the reports of scrutiny launched by the regulators, the trading price of Bitcoin (BTC) had hit a high of $22,000.

The price of Bitcoin had already hit a high of $24,000 in the previous week but it ended up taking a fall. BTC’s price took a fall and then it started to bounce back. Since then, the trading price of BTC rose back to $22,000.

Even after tapping $22,000, the situation has not turned promising for Bitcoin as the bulls are still struggling to push it above that level.

The bears are in control and the situation is turning bearish for Bitcoin. The investors are losing their buying power and this may cause a major fallback for the assets.

Even the altcoins have not performed up to the standards that the analysts had expected in the first place.

The altcoins such as GRT, FTM, APT, HBAR, and more have recorded huge losses in the latest trading session. These assets have recorded double-digit dips in the past sessions.

Bitcoin is below $22k, again!

Just as February started, the trading price of Bitcoin was among the best-performing assets. However, as days passed, the trading price of the asset continued to deteriorate.

To be precise, the start of the month saw the trading price of Bitcoin over the $24,000 benchmark. It was the first time in more than five months that the trading price of BTC had surged over $24,000.

This happened right after the US Feds announced that the interest rates would continue hiking. With the economy and the inflation rates coming under control, the investors have enough to spend on cryptocurrencies.

Bitcoin’s Price fell to $21,400

With the price of the asset going upward, it felt a sudden downtrend. At first, the value of Bitcoin fell to $23,000 and in the following days, its value kept declining even more.

The situation got worse for the asset as the US Securities and Exchange Commission announced a ban on cryptocurrency staking services.

As the price of the asset continued plunging, it fell to a low of $21,400, which is a three-week low that the asset hit.

The decline in Binance Coin’s Price

Everyone in the cryptocurrency industry knows that Binance USD (BUSD) and Binance Coin (BNB) are related to each other.

Therefore, if one cryptocurrency takes an impact, it also expands to the other one. The value of the BUSD recorded a downtrend just as the US regulatory authorities launched scrutiny against Paxos.

The demise not only caused the trading price of the BUSD to take fall, but it also pulled the trading price of BNB to a lower level.

The price analysis report shows that the trading price of BNB has recorded a roughly 6% dip. Following the dip, the trading price of BNB has fallen below $300.

Position of Other Cryptocurrencies

BNB is not the only cryptocurrency that has recorded a downtrend. Other cryptocurrencies have also recorded a downward movement.

These cryptocurrencies include Chainlink, ATOM, Uniswap, Avalanche, Shiba Inu, Polygon, and Dogecoin. These cryptocurrencies do not look to be in better shape than the rest of the cryptocurrencies.

The above-mentioned cryptocurrency assets have also recorded declines in their prices in the latest trading sessions.

For now, the trading price of Ethereum (ETH) is below $1,500. Prior to the dip, the price of ETH was moving over the $1,500 barrier. It reportedly dipped by 3% in the past 24-hours.

Even the likes of Litecoin (LTC), Polkadot (DOT), Solana (SOL), OKB, Cardano (ADA), and Ripple (XRP) have seen reds.

Due to the recent downtrend, the overall market valuation of the cryptocurrency industry has dipped to $990 billion.

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