The cryptocurrency market enters the weekend in the red, as the price of BTC fell below $49,000 on CoinMarketRate. Altcoins, as usual, has followed BTC, showing a sharp drop to — 30%
The crypto market scares the newcomers with its volatility
The price of BTC began to fall in the US markets last night, and the Asian markets added to the passion, further reducing its value, pulling the rest of the crypto market with it.
Bitcoin’s rollback is linked to recent statements by President Joe Biden, who wants to tax more income in the United States. This news did not please the markets and, consequently, led to a significant decline in the stock exchanges and the cryptocurrency market at the same time.
Joe Biden wants to pass legislation to increase taxes on capital gains, and also wants to strengthen regulations on the fast-growing crypto sector. It is said that the new US president expects a 43.4% tax for millionaire investors, which is not pleasant for those who have large amounts in Bitcoin and cryptocurrency.
Altcoins rebounded again
The fall in the price of BTC, of course, led to a significant drop in the price of altcoins, so the price of XRP returned below $1, whereas most recently it almost reached $2.
The value of Ethereum (ETH), which exceeded $2,600, has slowed in its growth, but remains at the level of $2,200. Litecoin (LTC) seemed to soon return to the level of $300, but dropped to $200.
The (LINK) price was also halted as it seemed ready to start a new rise to $50, and the Chainlink price is currently around $32.50. The price of BNB fell below $500.
The price of Dogecoin (DOGE), having recently peaked at $0.45, is currently around $0.20 — a drop of more than 50%. This may scare all the new Dogecoin holders, tempted by this fun cryptocurrency proposed by Elon Musk and rapper Snoop Dogg.
Corrections in the stock and cryptocurrency markets are normal and necessary, and this does not call into question the bull cycle that the cryptocurrency market is in.
A drop of up to 40% has been seen in previous bull runs. If these drops are a concern, wait for the market to recover after the correction is over.
Unexpected listing of Tether (USDT) on Coinbase Pro
And against the backdrop of the crypto market pullback, something is happening that no one expected. Coinbase announced the appearance of Tether (USDT) first on Coinbase Pro, and a little later on Coinbase.com as usual, when placing cryptocurrency on your trading platform. The company said that at the moment, Tether will only be available in the ERC-20 version.
Coinbase was known for its fiat currency trading pairs, such as the euro or the dollar, but the appearance of USDT is sure to surprise more than one crypto trader.
Therefore, the listing of USDT Tether on the leading cryptocurrency exchange in the US should reassure many people and traders who feared one day losing their money if they sold their cryptocurrencies in USDT stablecoins.
Surprise The integration of USDT clearly brings legitimacy to this controversial stablecoin, which is today the most widely used stable coin with almost $50 billion in capitalization.