Crypto market in red, Bitcoin Price Less Than UsD 1 Lakh, Solana Declines 12 Percent

The Crypto Market had volatility since the Donald Trump -led new government was over in the US. The largest cryptocurrency Bitcoin’s price was reduced by about six percent to one million dollars in terms of market value. Market analysts say there is uncertainty in the US before the decision to cut interest rate at the end of this week.

On publishing this report, the price of bitcoin on the International Crypto Exchange Binance was trading at about $ 98,860. The price of the second largest cryptocurrency Ether was around $ 3,046 with about 8.70 percent loss. Another major cryptocurrency solana was significantly declined. Its price was reduced by 12.60 percent to about $ 224. Other declining cryptocurrencies included Polkadot, Cardano, Binance Coin and LiteCoin. Crypto’s market capitalization was reduced by about 4.70 percent to about 3.44 million million dollars.

At the end of this month, the price of bitcoin can be traded in a range until the Federal Reserve meeting. Regulatory framework will be prepared for cryptocurrency in the US. During his election campaign, Trump indicated that Bitcoin’s reserve and a policy in favor of Crypto. However, the Federal Reserve disagreed over the plan to create a reserve of bitcoin. Recently, Bitcoin set up a high level of over $ 1,09,200. This market declined due to no mention of crypto in the first address after Trump became President earlier last week.

The US Securities and Exchange Commission (SEC) has stated that a task force has been formed with the objective of creating a regulatory framework for cryptocurrency. The previous US government took action against many firms associated with Crypto by alleging violation of rules. These firms included coinbase and kraken. However, these firms had misunderstood the allegations of violation of rules. Institutional investors have increased interest in this segment. Software maker Microstrategy has bought a large number of bitcoin in the last few weeks. The company has purchased around 11,000 bitcoins for about $ 1.1 billion in the week ended January 19. This was a large number of bite of bitcoin in the 11th consecutive week of microstrate.