The crypto market continues to demonstrate negative trends amidst rising geopolitical tensions. An analysis of current trends shows declines in both Bitcoin and altcoins.
Market Decline and Its Causes
Amid escalating conflicts in the Middle East, the crypto market is experiencing a downturn as investors flee riskier assets. Over the last day, the total crypto market cap dropped by nearly 2%, standing at $3.26 trillion. The 24-hour trading volume saw a decline of 9%, falling to $121 billion.
Negative Trends in Altcoins
The biggest decline among altcoins was seen in Ether and Solana, which dropped about 7-8% in value. Bitcoin also continues to fall, hovering around $104,000, marking its sixth loss in the past seven trading sessions. Cardano (ADA) also slid by 8%, reflecting the overall market downturn.
Significance of the GENIUS Act
Despite this downturn, the US Senate passed the historic Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with bipartisan support. This bill, now heading to the House of Representatives, may bring much-needed clarity to the stablecoin sector.
The current state of the crypto market demonstrates the influence of external factors on the value of digital assets. The passing of the GENIUS Act might be an important step toward regulation and development in the sector.
