24 Hrs Crypto Update, Feb 19: Bitcoin Week candle closed Below $25,000
Sunday saw the Crypto Market decline. Once Bitcoin reached $25,000 on Sunday, bears rejected it from the high resistance area.
The European Central Bank (ECB) advised European banks to limit cryptocurrency holdings to mitigate risks.
Crypto Market Turned Red
To end the week, Crypto Market fall on Sunday. Again after Bitcoin jump to the $25,000 level on Sunday, it rejected from the high resistance area as bears have a strong position. The performance of altcoins is particularly spectacular; ICP continues to rise by 3.98% while SOL increases by more than 5.65%.
Regulators were debating how to control cryptocurrency in the Americas and Europe. Last Monday, the U.S. Securities and Exchange Commission (SEC) fined Kraken $30 million and ordered the exchange to stop offering staking opportunities.
The agency set Terra in its sights this week. To protect against the risks associated with cryptocurrencies, the European Central Bank (ECB) instructed European banks to limit their holdings in cryptocurrencies. The action was taken a week after the bloc released a new draught law requiring banks to give cryptocurrency the highest risk rating imaginable.
The global cryptocurrency market cap fall by 0.5% to $1.16 trillion in the last 24 hours, according to CoinGabbar data at the time of writing. The total crypto market volume over the last 24 hours was $78.24 billion.
Cryptoquants Derivates shows positive funding rates which means crypto will turn green in the coming hours.
BTC price has fall by 1.53% in the last 24 hours. At the time, BTC was trading at $24,271, and reject from the $25,192 mark. In the last 7 days, BTC price has rise by 10.92%. Bitcoin (BTC) dominance fall from 40.7% to 40.3% while ETH dominated 20.98% of the total crypto markets.
Top Crypto Prices
Ethereum (ETH): Ethereum price fall by around 0.67% to $1,679 in the last 24 hours. In the last 7 days, ETH price has rise by over 9.18%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.
Solana (SOL): Solana price rise 5.65% to $23.84 in the last 24 hours. In the last 7 days, SOL price has rise by nearly 19.28%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.
Dogecoin’s (DOGE) price fall by 2.03% in the last 24 hours. DOGE is currently ranked 11th. The price of DOGE at the time of this report was $0.08697.
Polygon (MATIC) price fall by around 0.43% to $1.4785 in the last 24 hours. In the last 7 days, MATIC price has rise by around 18.51%. It is currently ranked 9th on CoinGabbar.
Shiba Inu (SHIB) rise by 0.95% in the last 24 hours to $0.00001332. It is currently ranked 15th on CoinGabbar.
Major Events
The zero knowledge EVM (zkEVM) rollup has been released, and MATIC traders appear to be projecting huge success for the Polygon network.
The Terra (LUNA) and Terra Classic (LUNC) prices may drop significantly as a result of the U.S. filing a lawsuit against Terra founder Do Kwon.
The biggest concern for the Terra Luna Classic community is if cryptocurrency exchange Binance will agree to restart the LUNC burn.
If regulation issues continue, Coinbase's earnings may suffer given the recent disclosure that Kraken would be discontinuing its cryptocurrency staking operation.
Crypto Last week, Twitter and the SEC engaged in a heated battle as the regulator stepped up its "regulation-by-enforcement" (crackdown) tactics against the sector. Jesse Powell, the founder and former CEO of Kraken, was still irritated from last week.
