Crypto market cap regains $1T amid long-awaited Blur Airdrop (Market Watch)
After a few consecutive days of freefall, bitcoin finally bounced off and retook $22,000.
Most altcoins are also well in the green, with Cardano, Dogecoin, MATIC, Litecoin and others increasing by over 5% in a day.
Bitcoin Back to $22K
The past few days have not gone well for the primary cryptocurrency amid the ongoing regulatory scrutiny from US watchdogs. First, the SEC went after Kraken and its staking platform before the agency, as well as the NYDFS, put Paxos under their purview, alleging that it is selling unregistered securities by issuing Binance USD (BUSD).
These had a dramatic effect on the price of bitcoin, which went from over $24,000 to under $21,500 within a week. The latest multi-week low came on Monday at $21,375 (on Bitstamp) as the community focused on the CPI numbers due to be announced yesterday.
Slightly underperforming the overall estimates, BTC quickly headed south before shooting up to over $22,000 later in the day. The asset has stayed there so far as well, as it is up 1.75% on the day.
The market value has approached 430 billion dollars again, while the dominance over the altos stands still at 41.6%.
ADA, MATIC, DOGE Turn Green
Atlcoins also suffered from regulatory scrutiny, but most have turned green now, led by a 3% increase from the largest. As such, ETH has drained $1,550 after falling below $1,500 yesterday.
More impressive gains are evident from Cardano (7%0), Dogecoin (6%), MATIC (5%), LTC (5.5%), FIL (6%), LDO (10%), GRT (14%) and FTM (11%).
Aside from Dogecoin, Shiba Inu and Floki Inu have also skyrocketed today after a dog-related joke by Elon Musk.
Nevertheless, perhaps the most anticipated news in the crypto space in the last 24 hours was the BLUR airdrop. According to Dune, over 300,000,000 tokens out of the total 360,000,000 have already been claimed.
Somewhat expected, this resulted in an increase in gas fees on Ethereum, with certain cases going up to $200 per transaction. BLUR is currently down to $0.77 on CMC after rising to over $5 shortly after the airdrop.
Overall, the crypto market cap is up by more than $30 billion daily and is well over $1 trillion.
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