• The cryptocurrency market experienced a significant decline on Thursday, with a net outflow of $35.215 billion causing the market cap to fall by 3.32%.
• The SEC has charged Do Kwon and Terraform Labs for allegedly defrauding investors in a scheme involving billions of dollars since April 2018.
• As Bitcoin’s value consolidates, investors are taking the opportunity to re-evaluate their portfolios and seek new investment opportunities.
Market Decline
The cryptocurrency market experienced a significant decline on Thursday, with a net outflow of $35.215 billion causing the market cap to fall by 3.32% from $1.062 trillion to $1.026 trillion. This news comes as a blow to bullish investors who have seen the cryptocurrency market rally in recent weeks.
Leading Cryptocurrencies
The two most significant cryptocurrencies by market capitalization, Bitcoin and Ethereum, led the way with declines in their market caps. Bitcoin’s market cap dropped by 2.90% to $459.49 billion, while Ethereum’s fell by 0.78% to $203.99 billion. However, Bitcoin’s price is currently making a bit of recovery in past hours and is trading at $24,420 as of writing while Ethereum’s price has also made some recovery trading at $1,697 as of writing but still hitting low points earlier this week reaching an all time peak of $1,732 before dropping back down again soon after that mark was hit..
SEC Charges Terraform Labs & CEO
In the SEC’s latest move in its crackdown on crypto, it has charged Do Kwon and Terraform Labs for allegedly defrauding investors in a scheme involving billions of dollars since April 2018 according to official court filing from Southern District of New York . They misled investors about the stability of TerraUSD (UST) token which derived its value through another paired token called Luna and caused investor losses estimated at around 42 billion globally prior to its collapse in May 2022 when it had reached an impressive Market Cap Of 18 million plus which made it 10th largest cryptocurrency..
Seeking New Investment Opportunities
As Bitcoin’s value consolidates due to profit taking , Investors are taking this opportunity to re-evaluate their portfolios and seek new investment opportunities .
Best Crypto To Buy Today
Some cryptos that may be worth considering today include MEMAG , MATIC , FGHT , LRC , CCHG , FIL & RIA .