Crypto Market Loss: Bitcoin, ETH, and Dogecoin Affected
The crypto market experienced a slump over the night, causing a decline in the price of major coins
Flagship crypto Bitcoin was affected, dropping by 6% to $35,063 from $37,349 yesterday
Ethereum lost 5% in value as it dropped below $2300 and meme coin Doge fell to $0.3
The crypto market was hit over the night as the value of Bitcoin and major altcoins dropped significantly.
Bitcoin fell from $37,349 to $35,063, a decline of over 6% between midnight and 6 am on Saturday.
Dogecoin was also badly hit, losing 7.8% of its value to go down to $0.30 from $0.33.
Ether the cryptocurrency of the Etheruem blockchain dropped by 5% from $2475 to $2256.
After a solid start to the week following the signing into law of Bitcoin as a legal tender for El Salvador, the weekend has started on a sore note.
El Salvador president proposed a bill that will make Bitcoin one of the official currencies of the South American country and it was approved.
The current U-turn in the crypto market may have been triggered by a statement by the regulatory authority for Basel Committee on Banking Supervision.
Following news that banks are planning to gain exposure to Bitcoin and other crypto assets, the body has proposed that 1,250% risk is attached to a bank’s exposure to crypto.