The crypto market started out the new week by continuing its recent negative trend that has dragged the broader market down. The three largest cryptocurrencies in terms of market capitalization, Bitcoin Ethereum, and Binance, are all moving lower. During the past 24 hours of trading, all three tokens are down between three and five percent and the overall crypto market has seen a decline of 3.6%.
Bitcoin, Ethereum, and Binance equate to about two-thirds of the entire value of the crypto market. When all three experience declines in tandem, it is usually an indicator that the entire market is in a tailspin.
Recent regulatory crackdowns in both China and India have stunted the recent crypto bull-run. Today, news is breaking that Binance is pulling its application from a Singapore exchange with forthcoming plans to completely exit the Singapore market by mid February dragging Binance and the crypto market as a whole lower.
The crypto market has been increasingly concerned with global regulatory crackdowns and the recent Congressional questioning of crypto executives by the United States has only served to add fuel to the fire, especially since the U.S. has largely been viewed as supportive and open to cryptocurrencies.
With over 12,000 cryptocurrencies available, Bitcoin, Ethereum, and Binance are increasingly used to gauge the health of the overall market. With all three in the red this morning, the negative sentiment is spreading far and wide in the cryptoverse.
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