Early this morning the crypto market started to show positive movement with the price of Bitcoin (BTC) rising 10% indicating investors are back to buying the asset.
Last week, records showed BTC and Ethereum (ETH) jumped to all-time highs with $ 64,863 and $ 2,547, respectively.
At the same time Litecoin (LTC) also managed to break past the $ 300 level for the first time since 2018.
However, when the listing of Coinbase (COIN) on the Nasdaq invited reinforcements when the dumping of cryptocurrencies saw a sharp decline especially Bitcoin which was reported to have shrunk by up to 15%.
Analysts added that other factors that may have driven the decline include:
The incident of power outages in Xinjiang province, China last Friday caused the Bitcoin hashrate rate to fall sharply by almost 30%, affecting the majority of the crypto king network.
Restrictions on the use of crypto as a payment medium in Turkey
Rumor has it that the United States (US) administration will take action against the crime of money laundering using crypto.
However, the U.S. welcomed the presence of new Securities and Exchange Commission (SEC) chairman Gary Gensler who was sworn in on Saturday. Given that the individual has a strong background related to blockchain and crypto assets, it could be that Gensler will push the SEC to approve the Bitcoin Exchange Traded Fund (ETF).
At the time of writing Bitcoin managed to return to the over $ 56,000 level followed by ETH trading at $ 2,325 with a jump of over 11% in 24 hours. Other Altcoins also followed this positive movement: XRP ($ 1.44), LTC ($ 265.38), and Cardano (ADA) traded at $ 1.26.
