ETH Liquid Staking Coins Rise, Bitcoin Moves Back Towards $22.5K (Market Watch)

Bitcoin fell sharply in the last 24 hours, charting a two-week low below $22,500.

Most altcoins are also slightly in the red, apart from apparent exceptions that come from Ethereum’s liquid assets such as LDO, RPL and FXS.

ETH Liquid Staking Tokens are rising

The latest price frenzy comes just hours after Coinbase CEO Brian Armstrong addressed concerns about a potential US government crackdown on stake. Several representatives of ETH’s liquid betting niche emerged with massive price increases, including LDO, which is up nearly 10%.

RPL and FXS have also increased by similar percentages. At the same time, ETH is down over 2% in the same time frame to below $1,650.

Most other major-cap alts are also in red, including Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Avalanche. Shiba Inu and OKB have lost over 5% in one day.

Polygon is the only exception to the top 10 crypto assets, with a 3% daily increase. Chainlink is also well in the green – 5.5% increase.

The total market cap for crypto is down about $20 billion in a day to $1.060 trillion.

Bitcoin sees 2-week low

The primary cryptocurrency experienced increased volatility last week as the US Federal Reserve raised interest rates by another 25 basis points. This was quite bullish for the asset, which rose above $24,000 for the first time since August 2022.

However, that rally was short-lived as the Bears came to play. They pushed bitcoin hard south, resulting in a price drop below $23,000 days later. Then came another speech from Fed Chair Jerome Powell that brought more swings.

However, BTC failed to overcome $23,000 and went down again. This time it dumped to a two-week low of $22,400 (on Bitstamp).

It has recovered a bit since then, but is still below $23,000. As such, its market cap is just under $440 billion and its dominance over the alts is 41.3%.