Bitcoin Price Drops To $21670, Most Cryptocurrencies Drop

In terms of market capitalization, there was a big drop in the price of Bitcoin, the largest cryptocurrency late last week. The reason for this is the enormous devastation caused by the earthquake in Turkey and Syria. At the end of last week, bitcoin fell to the $21,000 level. There has been some recovery in its price and it was trading at around $21,672.

The Ether price has fallen by 1.60 percent. According to Gadgets 360 crypto price tracker, Ether was priced at $1,506. Other than this, there was a loss in most cryptocurrencies including Binance Coin, Cardano, Polygon, Solana, and Polkadot. Bullish cryptocurrencies included stablecoins Tether, Binance Coin, USD Coin, Binance USD, as well as Tron, Wrapped Bitcoin, and Monero. In the past day, the cryptocurrency market capitalization fell 0.39 percent to around $1.01 trillion.

Edul Patel, co-founder and CEO of cryptocurrency firm Mudrex, told Gadgets 360: “Kraken was fined $30 million by the SEC for shutting down its staking service and failing to sign up for the service.” pressure after payment announcement. Bitcoin is looking bearish and if this trend continues it may decline further.”

The bankruptcy of one of the major cryptocurrency exchanges, FTX, late last year had a huge impact on the market. Because of this, a large number of investors had distanced themselves from cryptocurrencies. Customer funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets even if it had a loss on the money it borrowed. This exemption allowed the company to borrow funds from FTX regardless of the value of the collateral. This code change was detected by the US Securities and Exchange Commission (SEC). The SEC reported that Alameda Research was receiving unlimited credit. The company had received billions of dollars in loans over two years.