After seesawing over the past week, the cryptocurrency market took a tumble over the past 24 hours. 98 of the top 100 cryptos registered losses, many of which in double-digits. The recent declines are evident of a massive sell off by investors. The overall market cap for cryptocurrencies is now the lowest it has been in more than a month.
Bitcoin falls below $8,000
The world’s largest crypto continued the negative momentum seen in the past week. The downward trend accelerated over the past 24 hours, as BTC prices dropped more than 14%, falling below the $8,000 mark for the first time in more than a month. However, Bitcoin’s dominance in the market still remains strong, as its share of the overall market remains above 40%.
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US Senate holds hearing on ICOs
Government officials held a hearing in Washington yesterday, debating the cryptocurrency market as a whole and focusing on Initial Coin Offerings (ICOs). Opinions were expressed both for and against the crypto market, with the overall tone implying there is need for regulation of cryptos. Congress members which attended the hearing highlighted the importance of educating the American public on the market and some voiced their support of country-wide regulations for crypto trading.