The crypto money market continues to experience sharp drops, especially at the weekend when the liquidity is quite low. Bitcoin (BTC) has lost 4% in the last 24 hours, falling below $28,000. Ethereum (ETH), the second largest cryptocurrency by total market capitalization, even lost $1,500 support. ETH is currently one of the most depreciating altcoins in the top 10, and this is fueling panic. So how long can the decline last?
Justin Bennett, one of the analysts closely followed by the market, conveyed his views on the decline. In his statement to his more than 101,000 followers, Bennett stated that he expects the general decline of the market to continue.
Addressing the total value graph of the crypto money market expressed as a total, the analyst thinks that it will go below the psychological level of 1 trillion dollars. The total market cap is currently at $1.15 trillion, but the analyst expects a drop to $950 billion.
The analyst says that the $1 trillion support point is also one of the most critical levels in the consolidation period in 2021. According to Bennett, in this decline, altcoins will experience a much harder falling wave. The famous name expects the entire crypto money industry to shrink by another 15%. Saying that altcoins will lose value much more than Bitcoin's declines, Bennet expects the BTC price to decline to $ 24,500, according to this account.
SEC launches investigation into UST
The US Securities and Exchange Commission (SEC) took action after the terraUSD (UST) crash last month. A person familiar with the matter is examining whether the SEC's marketing of the UST violated investor protection regulations, Bloomberg reported. Although the SEC did not comment on the matter, the source stated that the SEC's enforcement attorneys are examining whether Terraform violated the rules regarding securities and investment products. Terraform Labs said it was unaware that the SEC had launched an investigation into the UST.