Crypto Crash: Bitcoin Drops Below $95K; Regulatory Storm Brews

Crypto Market Slips as Key Support Levels Crumble; Bitcoin Drops Below $95,000

The crypto market opened in the red on Wednesday, with Bitcoin (BTC) dipping below $95,000 and Ethereum (ETH) tumbling from above $2,700. Other cryptocurrencies, including Solana (SOL), Dogecoin (DOGE), Bittensor (TAO), Internet Computer (ICP), and Algorand (ALGO), also registered heavy losses.

Bitcoin (BTC) is down nearly 3% over the past 24 hours, oscillating in a narrow range that indicates low trading activity. The flagship cryptocurrency is struggling to reclaim $96,000 and is currently trading around $95,450.

Ethereum (ETH) has also been bearish, dropping from above $2,700 to its current level of $2,580, down almost 4% over the past 24 hours. Ripple (XRP) is down over 3%, while Solana (SOL) has dropped below $200 to trade at $195 after a drop of nearly 5%.

US Regulators Must Prioritize Crypto Clarity

Bitstamp US CEO Bobby Zagotta believes US regulators must prioritize crypto clarity like the EU’s Markets for Crypto-Assets Regulation (MiCA). MiCA is a set of rules and regulations designed to regulate the crypto market in the EU. The idea behind the rules and regulations is to bring more legal clarity and consumer protection while promoting innovation. However, some worry that regulation brings more trouble than good. Tether’s Paolo Ardoino shares this view, stating that MiCA’s regulatory move puts banking systems and the use of stablecoins in the European bloc at a systemic risk because MiCA requires stablecoin issuers in Europe to keep at least 60% of their assets in Europe-based bank accounts.

SEC And Binance Seek Pause In Lawsuit

The United States Securities and Exchange Commission (SEC) and Binance have filed a joint motion to pause their legal case for 60 days. This is the first time a major crypto litigation has been paused since Mark Uyeda took over as acting Chair of the SEC. The motion