Major cryptocurrencies traded in the red with Bitcoin (CRYPTO: BTC) hovering near the psychologically important $30,000 mark as the global cryptocurrency market cap fell 4.45% to $1.20 trillion on Tuesday night.
What Happened: The apex cryptocurrency traded 3.96% lower at $29,610.76 over 24 hours at press time. BTC is down 8.64% for the week.
Ethereum (CRYPTO: ETH) traded 2.7% lower at $1,770.07 over 24 hours. Over a seven-day trailing period, ETH has fallen 7%.
See Also: How To Buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) traded 2.32% lower at $0.17 over 24 hours. The Shiba Inu-themed cryptocurrency traded 12.4% lower over the week.
DOGE rose 1.72% against BTC and 0.41% against ETH over 24 hours.
UNUS SED LEO (CRYPTO: LEO) was the top gainer on Tuesday night over 24 hours as it rose 4.2% to $3.14. For the week LEO is up 8.19%.
The utility token of the iFinex ecosystem — which also encompasses the Bitfinex trading platform — was up 8.73% against BTC and traded 7.33% higher against ETH over 24 hours.
Other notable gainers on Tuesday night included Celo (CRYPTO: CELO), FTX Token (CRYPTO: FTT) and Compound (CRYPTO: COMP).
Over 24 hours, CELO rose 3.4% to $2.30, FTT traded 2.73% higher at $25.67 and COMP was up 0.31% at $344.19.
Why It Matters: Regulatory clouds over cryptocurrency continue to gather. On Tuesday, the European Commission submitted a new proposal, first noted on Cointelegraph, that would make it mandatory for trading platforms to collect additional anti-money laundering information in case transfer amounts exceed EUR 1,000 or when a series of linked payments exceed that amount.
See Also: Is Now A Good Time To Buy Ethereum?
On Tuesday, BTC crashed below $30,000 levels after New Jersey-based BlockFi received an order from the state’s securities regulator to halt applications for new interest accounts.
Regulars across the world have been cracking down on cryptocurrencies. Earlier, China had come down on cryptocurrency mining which led to an exodus of miners from that country.
Binance, one of the largest cryptocurrency exchanges in the world, stopped activities in the United Kingdom after it was ordered to do so by the country’s Financial Conduct Authority last month.
Canada’s British Columbia province too published a statement of allegations against Binance.