Daily Times

The cryptocurrency market continues witnessing bloodbath on Monday, with market capitalisation crashing 7.9 percent to reach $1.61 trillion.

As of 1235 hours GMT, the largest cryptocurrency Bitcoin’s price dipped by 6.03 percent to reach $33,564. With this decrease in price, the market capitalisation of the biggest crypto has reached $635.6 billion. Bitcoin’s downfall from its all-time high of nearly $69,000 in November has erased over $600 billion from its market value, and more than $1 trillion has been reportedly lost from the aggregate crypto market. This marks the second-largest-ever decline in dollar terms for both, while there have been much larger percentage drawdowns for both Bitcoin and the aggregate market. Ether, the world’s second-largest cryptocurrency by market capitalisation, is also in a world of pain, losing 11.21 percent over the past 24 hours to reach $2,217. With this massive decrease in price, the market capitalisation of ETH has reached $261 billion. Following suit, XRP price went down by 7.98 percent to reach $0.565. The market capitalisation of XRP stands at $56.5 billion with this decrease.

Likewise, Cardano (ADA) price took a dip of 12.04 percent to hit $0.978. Its market capitalisation has reached $32.3 billion with this decrease. Similar was the case with Dogecoin (DOGE) whose price went down by 7.03 percent to reach $0.128. With this decrease in price, the market capitalisation of DOGE has reached $17 billion. The experts expect the cryptocurrency to take some time for a bottom to form and for confidence to return, before projecting any sort of bullishness. The slump in both cryptocurrencies and stocks was caused by the latest move by the US Federal Reserve to tighten monetary policy at a faster pace than expected. In an effort to revive the economy, the Fed may increase key interest rates three times this year. The cryptocurrency market has also been rocked by China’s crackdown on virtual currencies, as well as Russian moves of a similar nature. Last year, Beijing prohibited cryptocurrency mining in the Sichuan Valley, triggering an adverse impact on the market.

A report by Cornerstone Research shows that the US Securities and Exchange Commission (SEC) has brought a total of 97 enforcement actions worth $2.35 billion against participants in the digital asset marketplace since 2013. According to the research, 58 of those actions were litigations and the remaining 39 were administrative proceedings.

Of the total $2.35 billion in penalties, $1.71 billion was charged in litigation and $640 million in administrative proceedings. The majority of those charged were “firm respondents only,” racking up $1.86 billion of the total. Individual respondents were charged the remaining $490 million.