Business
Crypto selloff: Bitcoin, Ethereum, others see prices tumble
The cryptocurrency market was seen trading in the red zone in the early hours of today.
The total global cryptocurrency market cap drops by 1.67% to 1.19trn, with top cryptocurrencies Bitcoin and Ethereum prices tumbling 2.4% and 1.9% each.
Before the recent legal actions and investigations against crypto exchanges, the market movement has not been stable.
Binance CEO, Changpeng Zhao has been under regulatory scrutiny by the U.S.
READ ALSO: Bitcoin hits two-year low as Binance abandons FTX acquisition
Commodity Futures Trading Commission (CFTC) on anti-money laundering and know-your-customer policy compliance issues with the most recent one from an Australian regulatory investigation.
All these cause a lot of worries across the crypto market with investors having a strong willingness to sell, driving the price of bitcoin, Ethereum and other altcoins down. Analysts would continue to monitor the movement of the market and place more attention on the Bitcoin movement.
If Bitcoin tumbles and trades to the downward trend, Ethereum will head down and every other altcoin will follow suit.
-
Business5 days agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
Business7 days agoNigeria Business Outlook: Dangote IPO, markets, inflation and naira in focus this week
-
Business6 days agoDangote IPO rush crashes Bamboo login as investors flood platform
-
Business5 days agoDangote: Petrol price gap fuels smuggling as Nigeria faces fresh pump price surge
-
Business4 days agoTinubu’s economic reforms face public confidence test as cost-of-living crisis persists
-
Latest1 week agoHamzat meets Pastor Chris Oyakhilome, hails Christ Embassy’s community impact
-
News4 days agoUK, Canada pledge closer cooperation on trade, defence and AI
-
Business6 days agoAugust inflation faces upward pressure despite disinflation trend – Analysts