Cryptocurrency Market Drops Sharply as Bitcoin and Ethereum Face Losses
Global cryptocurrency markets experienced a sharp downturn, led by significant losses in Bitcoin, Ethereum, and XRP, while South Korea advanced stricter cybersecurity rules for virtual asset providers.
The digital asset market experienced a sharp downturn, with leading cryptocurrencies registering significant losses amid growing regulatory scrutiny across global financial sectors.
Bitcoin, the world's largest cryptocurrency, traded at $74,627.30, marking a 1.57% decline over the past 24 hours. Over the weekly timeframe, Bitcoin dropped by 4.13%, bringing its total market capitalization to $1.5 trillion.
Ethereum, the second-largest digital asset, also faced downward pressure. Its price fell to $2,119.64 following a sharp daily drop of 5.10% and a weekly decrease of 7.27%, leaving its market capitalization at $259 billion.
Notable Losses and Regulatory Updates
Among other major altcoins, XRP recorded the steepest declines, plunging 5.76% over the past 24 hours to trade at $1.09. On a weekly basis, XRP shed 13.08% of its value, with a market capitalization standing at $69.46 billion. Binance Coin (BNB) traded at $684.09, registering a daily increase of 1.85% despite a weekly loss of 2.99% and a market capitalization of $89.96 billion.
Meanwhile, stablecoins maintained low volatility. Tether (USDT) traded at $0.9986 with a minor daily gain of 0.01% and a market cap of $176.81 billion, while USD Coin (USDC) held steady at $0.9997 with a market cap of $70.23 billion.
In regulatory developments, South Korea is advancing stricter cybersecurity measures for financial institutions, including virtual asset service providers. According to the Financial Services Commission (FSC), authorities plan to issue guidelines this month requiring crypto firms to immediately report cyberattacks to financial regulators.
