Market Update – Bitcoin Loses Around $1,500 in 1 Day

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The Bitcoin price has fallen 3.93% over the past 24 hours and currently stands at $34.647,27, about $1,500 less than yesterday.

The rest of altcoins from CMC’s top 5 are also experiencing minor losses. As a result of the current situation, the greed and fear index is in the fear area (28), 3 points more than yesterday, when it was in the extreme fear territory.

Regarding the BTC dominance index, it is now at 46.1%, exactly at the same level as yesterday.

The total market capitalization stands at $1.406T, while the capitalization of Bitcoin amounts to $649,466,918,594.

As far as news is concerned, today we have reported that analytical resource CoinMarketCap has added a new feature that allows the swap of ETH tokens. At the moment, only tokens based on the ERC-20 standard are supported, however, the platform plans to expand the list in the future.

Today it has also become known that stablecoin USDC will soon become available in 10 more blockchains. Notably, it will be available on the Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos and Tron networks.

We have also shared a news piece about Bill Foster, Democrat and member of the Illinois House of Representatives, stating that ransomware attacks are negatively affecting the reputation of Bitcoin.

As far as regulations is concerned, the financial regulator of Australia has said that exchange-traded products based on Bitcoin are a risk. The regulator has asked for public feedback to decide whether it allows the approval of such products.

Finally, it has recently become known the BTC hashrate is suffering a major fall, after dropping by about 50% from its May high. One of the reasons behind this decline is China’s crackdown on crypto mining, which has forced many miners to shut down their devices.

Will Bitcoin keep falling during the rest of the day? We will know shortly.