Falling Crypto Market: The Right Time to Buy?

This morning the crypto market wakes up with a hangover. Down almost 7% over the last 24 hours. A sharp drop which could in particular be explained by the validation of a law potentially unfavorable to cryptocurrencies across the Atlantic.


The validation of a bill in the United States would therefore be the cause of panic movements on the crypto market. Among the 10 biggest projects, all were impacted by this announcement.

The Spectrum of Regulation

The Spectrum of Regulation

Whether it’s mining or selling, regulation is an important component of the crypto industry

It’s definitely on the number 1 threat to the entire industry. A threat that will have had its effect again overnight when the Senate and the House of Representatives in the United States have just validated a project on infrastructure. A bill which also includes provisions relating to digital assets and which provides in particular:

  • A more rigorous framework for companies that handle crypto-assets
  • An increase in the level of requirements compared to actors such as online brokers
  • Reporting of all transactions over $ 10,000 in digital assets to the Internal Revenue Service

Among the legislator, some voices, like that of Pat Toomey, are critical of this bill. By arguing the threatening aspect for an “innovative economy of crypto-currencies”. But these dissonant voices are still marginal in the camp of the legislator. While many investors take a dim view of the regulatory spectrum, others still consider today that this could legitimize and constitute an interesting springboard for the entire sector.

The Top 50 in the Red

To be convinced of the magnitude of the nightly drop, just take a look at the top 50 most important projects. Among the price of these 50 tokens, all are showing a loss over the last 24 hours. To see the first project show a profit over this period, you have to go down to the 63rd position and the LEO token of the Unus Sed Leo project.

In all and apart from stablecoins, these are 4 out of 100 projects showing a price increase over the last 24 hours. Still over the same period, 31 of the first 100 projects fell by more than 10%. More than half experience a drop of more than 8%.

What about Bitcoin and Ethereum?

Falling Crypto Market: The Right Time to Buy?As is often the case, the price of Bitcoin this morning is the perfect mirror of the market as a whole. Within 24 hours, the mother of cryptocurrencies just lost 7.72% to slightly below $ 60,600. Either its lowest level since the increase of 10 days ago. An increase that took Bitcoin to its all-time high on November 10. For a course of $ 68,789.

Either way, investors will have their eyes riveted on the symbolic threshold of $ 60,000. A move below this threshold could ultimately call into question the bullish momentum around the token. Should Bitcoin’s price drop below this level, the next level of support near $ 57,500 should be watched.

For the price of Ethereum, the night was also very eventful. The token has thus lost more than 8% since yesterday. A level that even rises to 10% if we refer to the last 7 days. For several weeks now, the correlation between BTC and ETH seems to be at its peak. In the rise as in the fall.

An opportunity to buy?

Many see this sudden drop as an opportunity to get into projects. Among the top 10, Polkadot seems to be suffering the most in recent days. With a drop in DOT of 10% over the last 24 hours and more than 20% over the last week. Obviously, the launch of auctions on parachains does not bring its share of positive effects on the price of the token.

Same analysis for Binance Coin (BNB), down more than 7% over the last few hours. Some even joke about a “Black Friday before the hour” for the cryptocurrency sector and its main projects. Other top 100 projects may also be considered. Among the most important falls, we can cite the Kadena (KDA), Wax (WAXP), Crypto.com (CRO) projects or the CHZ token of the Chiliz project.

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