Major cryptocurrencies declined sharply on Tuesday following the announcement of a new regulatory oversight committee, with total market liquidations reaching nearly $485 million in the past 24 hours.
| Cryptocurrency | Gains +/- | Price (Recorded at 8.15 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.96% | $98,240.17 |
| Ethereum (CRYPTO: ETH) | -4.15% | $2,735.57 |
| Dogecoin (CRYPTO: DOGE) | -7.19% | $0.2649 |
What Happened: The leading cryptocurrency dropped to $97,924.27, its lowest level in the last 24 hours of trading, while the broader crypto market capitalization fell 2.92% to $3.23 trillion.
The decline coincided with newly appointed “Crypto Czar” David Sacks announcing the formation of a bipartisan, bicameral committee to establish a regulatory framework for digital assets.
Ethereum also experienced downward pressure despite social media attention from Eric Trump, who suggested on X that “it’s a great time to add $ETH.”
The second-largest cryptocurrency’s decline followed Dogecoin’s retreat after its 15% rally on Monday.
The market turbulence triggered significant trading activity, with over 161,000 traders facing liquidations. The total cryptocurrency open interest decreased by 5.61% to $113.45 …
Full story available on Benzinga.com