The cryptocurrency market has witnessed a sharp decline today, with the global market cap falling by 2.84% to $3.22 trillion. Trading volume also took a significant hit, dropping by 24.46% to $193.73 billion. The Fear & Greed Index currently stands at 38, reflecting a neutral sentiment among investors.
SEC Commissioner Hester Pierce announced on February 4th the formation of a dedicated Crypto Task Force. The new initiative aims to streamline regulatory guidelines and improve oversight, providing clearer frameworks for cryptos. This move comes as the crypto industry faces increasing scrutiny from regulators worldwide.
Bitcoin price has declined by 2.52% in the last 24 hours, settling at $98,206.16. Despite the drop, Bitcoin’s market dominance has climbed to 60.40%, suggesting a potential flight to safety amid broader market uncertainty. The 24-hour trading volume for BTC has decreased by 12.95% to $72.89 billion, indicating a slowdown in activity.
Read our Bitcoin Price Prediction 2025, 2026-2030 for a sneak peek into BTC’s future prices.
XRP has suffered the steepest decline among major cryptocurrencies, plunging 7.32% in the past day. The downturn follows an unexpected one-hour network halt, causing uncertainty among investors.
Also read our XRP Price Prediction 2025, 2026-2030 to see where XRP is headed next!
Ethereum price has dropped by 2.57% to $2,734.07, while Solana slipped by 3.37% to $208.08. The overall market downturn has weighed on altcoins, with only a few projects showing positive momentum.
Bitcoin is facing downward pressure, dropping 2.52% in 24 hours, though its dominance has increased to 60.40%.
XRP suffered a 7.32% loss following an unexpected one-hour network halt, raising concerns among investors.
The SEC’s newly formed Crypto Task Force, led by Commissioner Hester Pierce, aims to provide clearer regulatory guidelines for the cryptocurrency market.
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