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Cryptocurrency Market Slumps Amid Peak Concerns and Regulatory Fears
The cryptocurrency market experienced a widespread selloff as fears over short-term price peaks and intensifying regulatory scrutiny dampened investor sentiment. Bitcoin (BTC) dropped 1.56%, dipping below the vital $118,000 threshold to end the trading session at $117,897. Altcoins such as Dogecoin (DOGE) and XRP suffered even steeper losses, tumbling over 10% each. This retreat underscores a wave of profit-taking following brief price rallies, coupled with increasing nervousness over regulatory challenges facing select cryptocurrencies.
As of October 24, 5:50 AM, the total cryptocurrency market capitalization stood at $3.83 trillion, reflecting a 3.20% drop compared to the previous day. Simultaneously, 24-hour trading volumes shrank 7.85% to $197.7 billion, signaling reduced liquidity across the board. Bitcoin's dominance climbed to 61.2% as altcoins witnessed sharper declines, reinforcing the cryptocurrency market's ongoing volatility.
Bitcoin Slips Below Key Psychological Barrier
Bitcoin (BTC) experienced a 1.56% drop to $117,897, breaching the critical $118,000 support level. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, saw an even sharper decline, falling 3.73% to $3,567. Among notable altcoins, Dogecoin (DOGE) plunged 10.51% to $0.2364, while XRP sank a significant 12.13% to $3.11.
The selloff appears to be largely attributed to profit-taking in high-performing altcoins, compounded by delays in the U.S. Securities and Exchange Commission (SEC) approving altcoin-specific exchange-traded funds (ETFs).
Major Altcoins Continue to Bleed
Declines were widespread among other high-profile altcoins. Solana (SOL) shed 7.51%, closing the session at $185.97, while Cardano (ADA) fell 10.15% to $0.8019. Binance Coin (BNB) fared slightly better, slipping only 2.39% to trade at $759.71. Layer-1 and platform-based cryptocurrencies, which had previously spearheaded market rallies, bore the brunt of the selling pressure during the latest session.
Fear Grips the Market as Sentiment Deteriorates
Investor sentiment continued to weaken as the Fear and Greed Index dipped to 37, falling firmly into the “Fear” zone. This reflects mounting caution across the market amid recent bullish surges that have now given way to a sharp correction phase. Near-term market trends will likely depend on how investors process ongoing profit-taking and adapt to evolving developments in cryptocurrency regulations.
Stocks Rally on U.S.-EU Trade Deal Optimism
While cryptocurrencies faced a downturn, Wall Street had a bullish session. U.S. equity markets surged on optimism surrounding a potential trade agreement between the U.S. and the European Union. This follows previous progress in trade negotiations with Japan, further lifting global investor confidence and pushing major stock indices to close higher.
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