This week, the global crypto market witnessed a huge downfall. Let's see the biggest losers from the top 10 cryptocurrencies.
- Bitcoin shows a continuous decline in trading price.
- Gensler refused to answer whether ETH should consider security or not.
The crypto market has witnessed lots of ups and downs in recent days. The U.S. Securities and Exchange Commission chairman, Gary Gensler, refused to answer the questions about whether Ethereum (ETH) should be considered a security or not. This leaves the crypto industry in an uncertain position about the future of ETH and other cryptocurrencies.
While Bitcoin (BTC), the dominant player in the crypto market, suffered a price decline, the global crypto market declined by 0.37%. The trading price of Bitcoin started to decline after a long stay at the $30K mark. BTC continued to witness a decline, which resulted in the trading price dropping to the $27K mark just in a week.
At the same time, Tesla reported that there were no Bitcoins sold or bought in Q1 2023. This is the third consecutive quarter with no changes in BTC holdings. The company’s decision to hold the Bitcoin may be an indication of its belief in the potential of BTC.
Losers of the Week in the Top 10 Cryptocurrencies:
The top 10 cryptocurrencies by market capitalization have witnessed a continuous fall following Bitcoin. The biggest weekly losers among the top cryptocurrencies are Polygon (MATIC), Solana (SOL), and Ethereum (ETH).
Polygon’s native token, MATIC, has witnessed a massive decline in the last week. The trading price of MATIC has declined by 17.39% in the last seven days. At the time of writing, MATIC’s price is around $0.9611. Following that, Solana has shown a decline of around 14.09% in the past seven days, and its trading price is around $21.10.
Moreover, the first altcoin, Ethereum, witnessed a downfall after the Shapella upgrade. The upgrade takes the ETH trading price to the $2000 mark. However, the SEC chair’s statements had a big impact on the ETH trading price. It lowers the ETH price to $1,838.59, with a decline of 11.31% in the last week. And also, XRP, Cardano, and Dogecoin have shown a decline following the bearish trend.