Crypto Market Plunges: Where to Invest Now?
• The cryptocurrency market experienced a significant decline on Thursday, with the total market cap dropping by 3.32%.
• Bitcoin and Ethereum both saw declines in their respective market caps.
• The SEC has charged Do Kwon and Terraform Labs with fraud for allegedly defrauding investors in a scheme involving billions of dollars since April 2018.
Significant Decline in Cryptocurrency Market
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.
Bitcoin & Ethereum Price Drops
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 a recovery in the past hours and is trading at $24,420 as of writing. Although Bitcoin’s price rose above $25,000 for the first time since August 2022 earlier this week, it was unable to maintain the gains and later retreated to its current levels as investors began to take profits.Ethereum’s price has also made a recovery in recent hours, trading at $1,697 as of writing. Ethereum’s followed a similar pattern to Bitcoin’s, reaching a peak of $1,732 before falling back to its current levels and hitting a low of $1,631..
SEC Charges Do Kwon & Terraform Labs
In the SEC’s latest move in its crackdown on crypto, it’s charging Do Kwon and Terraform Labs for allegedly defrauding investors in a scheme involving billions of dollars since April 2018. In an official court filing from the Southern District of New York, it was revealed that Kwon raised money from investors through the sale of several interconnected digital assets that were unregistered securities..
Best Crypto To Buy Today?
Investors are taking the opportunity to re-evaluate their portfolios and seek new investment opportunities amidst this uncertain environment – some potential options include MEMAG , MATIC , FGHT , LRC , CCHG , FIL , RIA .
Conclusion
The cryptocurrency landscape remains volatile despite some signs of recovery after Thursday’s slump – savvy investors should continue researching potential options carefully before making any decisions about which cryptos are best suited for their portfolio goals today or any other day!
