Cryptocurrency prices collectively decline amid US regulatory escalation

Cryptocurrency prices collectively decline amid US regulatory escalation

Cryptocurrency prices witnessed a collective decline in performance during trading on Monday, September 16, 2024, led by Bitcoin.

This decline comes amid a noticeable escalation by the US Securities and Exchange Commission (SEC) against cryptocurrency companies, which imposed fines exceeding $4.7 billion during the current year.

Significant increase in fines imposed

The authority’s fines have increased by a whopping 3,018% compared to last year, with fines in 2023 reaching around $150.3 million.

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This increase is mainly due to the record $4.47 billion settlement reached between the authority and Terraform Labs and its former CEO Do Kwon in June, the largest enforcement settlement in the authority’s history.

Bitcoin price decline

During today’s trading, the price of Bitcoin decreased by 2.67% to reach $58,554.

Despite this decline, the market cap of Bitcoin remained at $1.15 trillion, with trading volume declining to $20.99 billion over the past 24 hours.

Despite this, Bitcoin recorded a 6.23% increase in its value over the past week.

Other cryptocurrency performance

In the cryptocurrency market, Ethereum fell by 5.94% to $2,276. Binance Coin was relatively stable at $545, down slightly by 1.27%. Cardano fell by 5.66% to $0.3343, and Ripple dropped by 3.49% to $0.5676. Dogecoin also fell by 4.05% to $0.101403.

Market implications

The SEC’s regulatory escalation appears to have had a major impact on digital markets, leading to a wave of declines in cryptocurrency prices. The move reflects the SEC’s move to step up oversight of the cryptocurrency sector, which could increase pressure on companies and investors in the space.