The current crypto market opened this week with a slightly tumultuous bang after experiencing a negative trend, primarily attributed to the absence of positive catalysts driving further gains. Recent regulatory challenges from the FCA which, from October 2023, altered advertising laws for digital asset platforms, may be contributing to a subdued market sentiment, influencing crypto prices.
Crypto market opens the week on rocky terrain
The crypto giant, Bitcoin, witnessed a slight decline of 1.11%, accompanied by a notable 71.58% increase in market volume over the last 24 hours, reaching $14.85bn. However, the cryptocurrency had touched its yearly high by surpassing the crucial $38,000 mark in the previous week.
Ethereum also saw a 1.42% decline to $2,045.62, with its trading volume increasing by 69.82% to $8.6bn. Binance Coin (BNB) noted a 1.8% decrease to $228.91.
In addition, XRP slipped 1.61% to $0.6101, with its trading volume skyrocketing by 113.07% to $1.26bn. Cardano also experienced a 1.7% decline to $0.3847, accompanied by a 12.92% increase in trading volume over the last 24 hours to $242.01m.
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In the meme coin segment, Dogecoin maintained a relatively stable position at $0.07842, with its trading volume increasing by 72.43% to $434.7m. On the other hand, Shiba Inu witnessed a 1.27% decrease to $0.000008274, while its trading volume rose by 11.44% from yesterday to $125.43m.
The recent downward momentum in the majority of crypto prices has deterred industry experts from purchasing minor currencies, thus tightening a typically broad market. The global crypto market cap declined by 1.22% from yesterday to $1.42tn, with its volume rising by 45.40% to $43.07bn at this week’s opening. However, the crypto market fear and greed index stood at 71, indicating a prevailing greed sentiment in the market that may extend throughout the coming week as the market balances itself after a tricky opening morning.
