Bitcoin’s recent freefall seems to have stopped for now, as the asset has calmed at just under $22,000.
Most altcoins have even registered minor daily increases. Some, such as HBAR and Lido Dao, have even soared by double-digits.
Bitcoin Calms Below $22K
The situation around bitcoin was significantly more positive last week when it jumped above $24,000 for the first time since August 2022. However, it failed to remain there and retraced by over a grand to $23,000 in the following days.
Then came the SEC’s clampdown on crypto staking and the subsequent agreement with Kraken. With fear spreading across the board, bitcoin started to lose value rapidly and dumped beneath $22,000. The bears drove it all the way down to $21,400 yesterday, which became a three-week low.
Nevertheless, BTC bounced off and recovered a few hundred dollars in the following hours. It has remained rather calm since then and currently trades inches away from $22,000 as well.
Its market cap has climbed back above $420 billion, while its dominance over the alts sits still at 41.3%.
LDO’s Rollercoaster Continues
Following the SEC’s actions to go after certain staking offerings in the States, several representatives of the ETH liquid staking niche went on a rollercoaster. These include LDO, FXS, and RTL, all of which dumped by double digits yesterday.
Today, though, the landscape with Lido DAO is significantly different as the protocol’s native token has recovered 10% and trades close to $2.5.
HBAR is another notable gainer, having surged by over 11%. The larger-cap alts are calmer, but most are slightly in the green as well.
These include Ethereum, Ripple, Cardano, MATIC, OKB, and DOT. The two largest memecoins, as well as Solana, are up by over 3% on a daily scale.
Despite the recent price drops in the crypto space, the cumulative market cap has remained above $1 trillion on both CMC and CoinGecko.
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