Altcoins taken down in crypto crash

Altcoins have joined major cryptocurrencies in the ongoing crash, suffering greater losses than crypto market leaders, Bitcoin (BTC) and Ethereum (ETH).

BTC fell below the key $40,000 resistance mark, increasing 1%, then crashing again. According to CoinMarketCap, $38,592 was its lowest point since August 2 last year.

ETH has been continually falling to less than $3,000, ($2,088.76 as of Friday, January 21) in the middle of an 8% decline over the last 24 hours. Cardano has taken a 9% loss in value, and Binance Coin waved farewell to 10%.

Recently, Secret Network (SCRT), the Layer 1 blockchain built especially for data privacy, celebrated its $400m ecosystem funding. However, the project’s native token fell 18%, making it the biggest loss in the crypto market for the day.

This was unfortunate as, after several investment firms like Alameda Research, DeFiance Capital, HashKey and CoinFund joined the secret ecosystem as stakeholders, SCRT’s price had reached a 10-week high of $9.81. Currently, CoinGecko shows SCRT at a lower level of $7.12, a significant decrease.

DeFi tokens have also been hit hard. Aave and Chainlink are both down by 12%. The latest price action saw Aave plunge to a low of $185, before bouncing back up to $189.55. Whereas Link is trading at the same levels as last year, at $19.58.

The crash follows China’s decision to ban crypto transactions, deeming them as illegal after the order to cease BTC mining in all Sichuan provinces. Meanwhile, Kosovo has also regulated to prevent mining and recent unrest in Kazakhstan had a knock-on effect. Russia is following suit with recent proposals to ban on crypto mining and trading.

The increase in regulatory action seems to have undermined confidence across the board.

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Updated: 01/21/2022 — 16:00