What’s the Latest Situation in Bitcoin (BTC) Falling After the Kraken Incident?

Amid another wave of disappointing news for the crypto industry, Bitcoin (BTC) price for the first time in three weeks your $22,000 fell below.

Crypto Market Loses $40 Billion As Bitcoin (BTC) and Ethereum (ETH) Price Drops

This drop comes just one day after the leading cryptocurrency slumped below $23,000 on Thursday to hit its daily low of $21,696.

The last time Bitcoin traded at these levels was on January 20, in the middle of the Lunar New Year bull run that pushed the price of BTC above $24,000.

Ethereum (ETH), the second-largest cryptocurrency in the industry, has lost 5.4% on the day, currently trading around $1,540, and several other popular coins have suffered even bigger losses in the past 24 hours.

These include Cardano (ADA) and Dogecoin (DOGE), which lost 6.5% and 7% respectively during the day.

The combined market cap of all cryptocurrencies, up from $1.1 trillion yesterday, has dropped to $1.06 trillion at the time of this writing.

The crypto market was rocked on Wednesday when the U.S. Securities and Exchange Commission (SEC) fined crypto exchange Kraken $30 million for violating securities laws after failing to register its offering and sale of its staking-as-a-service program.

While Kraken has not confirmed or denied the allegations in the SEC’s complaint, the exchange has agreed to discontinue staking for US customers.

However, Kraken, which has seen as much as $2.7 billion in crypto being invested in the stock market to date, may still offer staking opportunities for investors outside the US.

*Not investment advice.