Bitcoin, Ethereum, Solana, XRP, Cardano: Crypto markets correct sharply
Current negative headlines from the USA are causing unrest in the crypto markets. Bitcoin initially held above the psychological US$ 30,000 mark yesterday but subsequently fell below. Ethereum, Solana, XRP, and Cardano are also down significantly in price.
Other industries are looking with concern at global economic data expected this week, which reflect the impact of global developments on the US economy, but the crypto market is mainly influenced by the current developments in the USA. Numerous large investors from the USA have invested heavily in Bitcoin and other cryptocurrencies over the past year, thereby initiating an increase in prices. Factors such as the uncertainty about the future regulation of the crypto market in the US — influenced by legal conflicts surrounding Ripple and unstable domestic economic policies — are giving rise to uncertainties.
Bitcoin: Sharp loss as threshold of US$ 30,000 is broken
Yesterday, Bitcoin briefly reached a value of US$ 30,000 again. However, new concerns regarding the regulation of cryptocurrencies in the United States and the possibility of a stricter course under the Biden administration led to a price drop. Bitcoin has fallen below the US$ 30,000 mark again, and it is unclear whether a sustainable trend reversal can be achieved in the short term.
Ethereum and altcoins are correcting
The current sentiment is also leaving clear traces on Ethereum and other altcoins. Ethereum is down nearly 4 percent and now trades at just under US$ 1,800 and remains above its relevant psychological mark of US$ 1,700. Cardano has lost approximately 5 percent and marks a price of US$ 1.10. Solana, which has seen massive gains over the last weeks, is also among the losers, recording a price decline of over 7 percent. Ripple’s XRP has fallen behind the US$ 0.60 mark. Because Ripple Labs is still engaged in a legal dispute with the US Securities and Exchange Commission, the impact of company developments remains great and the legal uncertainties appear to be greater than ever.
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