Bitcoin drops below $22,000 today, and Shiba Inu, Avalanche, and Solana all experience 8% declines

On Friday, the cryptocurrency market was trading much lower due to new worries about regulatory oversight. According to rumours, the famous cryptocurrency exchange Kraken is being looked at by the US Securities and Exchange Commission (SEC) for allegedly breaking securities rules. The majority of other cryptocurrencies were consistently down during the day.

During the early hours, the biggest cryptocurrency, Bitcoin, lost another 3% and fell below the $22,000 level. Ethereum, its biggest rival, too fell by nearly 5% and breached the crucial $1,600 psychological threshold. Altcoin was suffering more.

The cryptocurrencies naturally booked a little bit more profit than Bitcoin. According to Edul Patel, co-founder and CEO of Mudrex, the increase in trading volumes made it abundantly evident that market players intended to lock in profits before the weekend.

“The total market capitalization of all cryptoassets is the key figure to pay attention to during the next days.

All of the biggest crypto tokens were trading much down on Friday, with the exception of Polygon and stablecoins tied to the US dollar. Avalanche lost roughly 8% of its value, while Solana lost 7%. Dogecoin and Memetokens Shiba Inu both had a 6% decline.

The market capitalization of all cryptocurrencies was trading lower at $1.02 trillion, falling more than 3% in the previous day. However, the overall trade volume increased by almost 29% and reached around $76.83 billion.

The Federal Reserve has hinted that interest rates could be increased later this year, which has some people worried about the market experiencing significant inflation.

Crypto updates

The Securities and Exchange Commission (SEC) said that cryptocurrency exchange Kraken will “immediately” stop offering its staking-as-a-service platform to US users and pay $30 million to resolve allegations that it marketed unregistered securities.

One of the biggest decentralised finance (DeFi) platforms, MakerDAO, has integrated Chainlink Labs’ smart contract automation into its Keeper system, which upholds the integrity of Maker’s DAI stablecoin, the blockchain data provider stated.

One of the companies that creates the lending protocol, Aave Companies, has deployed its native stablecoin GHO on Ethereum’s Goerli testnet. Aave is one of the biggest decentralised financing (DeFi) protocols in the cryptocurrency space.