Just when things were starting to look up for investors, Bitcoin, and other major digital assets tumbled as the business day began in Asia on Thursday. The OG cryptocurrency Bitcoin reversed some gains after zooming past $45,000 earlier this week.

Almost all of the top 10 cryptocurrencies by market cap showed a similar downward spiral. The price drop came amid reports that the US Securities and Exchange Commission (SEC) could back-pedal on plans to approve spot Bitcoin exchange-traded funds (ETFs) — including that of Wall Street titan BlackRock.

Bitcoin’s price plunged nearly 4.5% over the last 24 hours to $43,173, falling further from the recent peak above $45,500 reached earlier this week, which marks the largest digital asset’s highest point in nearly 21 months. The market cap of Bitcoin dropped about 5% to $845.7 billion while trading volumes jumped 42% to $47 billion.

Ethereum — the second largest crypto — tumbled almost over 5.5% over the last 24 hours to $2,238, with its market capitalization shrinking to $269 billion. Trading volume stood at $19.5 billion, up 66% over the last 24 hours.

Other tokens also took a beating, except Tether up 0.05%, and BNB up 1.6%. Solana (SOL) tanked over 6% in the last 24 hours to below $101, XRP shed more than 8% to $0.58, while Cardano (ADA) price plunged over 8% to $0.56. Memecoins were also swimming in the red, with both Dogecoin and Shiba Inu crashing over 9%.

With Bitcoin and other cryptocurrencies slipping Thursday, the global crypto market tumbled nearly 5% to $1.65 trillion. The fear and greed index level stood at 67, indicating subdued investor sentiment.

Top 3 Cryptos For Today

Pepe Coin Plunges Over 11%

The price of Pepe Coin crashed over 11% over the last 24 hours to $0.000001211, sending its market cap tumbling to $511.7 million. However, its trading volume over the last 24 hours was up nearly 156% to $184.4 million.

Kaspa (KAS) Crashes Over 11%

In line with the broader crypto market upheaval, KAS price plummetted over 11% to $0.104 over the last 24 hours. This was also reflected in its market cap, which slid to $2.3 billion. The 24-hour trading volume surged by a whopping 100% to over $73.3 million.

Arbitrum (ARB) Price Rallies Over 4%

The price of Arbitrum was up 4.4% over the last 24 hours to $1.97. The token has appreciated nearly 23% in the last seven days and is sitting at a market cap of $2.5 billion. Trading volumes were at $3.2 billion, up 144% over the last 24 hours.

Also Read: US SEC Can Give Bitcoin ETF Issuers Approval Notice By Jan. 5

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.