• The crypto market has significantly declined over the past seven days, with altcoins taking a significant hit.
• Despite the bearish market, some altcoins have seen whale activity, signifying large investors are transacting with those tokens.
• The broader crypto market has declined by 6.66%, while its trading volume is up by 60.65%.
Crypto Market Decline
The crypto market has significantly declined in the last seven days, and altcoins are seeing a blood bath. Bitcoin, Ethereum, Binance coin, and more are trading in the red zone and it’s impossible to tell when the next significant reversal will occur.
Altcoins See Whale Activity
Despite the ongoing market downturn, some altcoins have been experiencing significant whale activity – indicating that large investors transact with these tokens. Data from Santiment shows Fantom (FTM), Polygon (MATIC) and Aavegotchi (GHST) have seen massive whale activity over the past 24 hours; however these transactions were mainly transfers of coins from one exchange address to another. These altcoins have all experienced significant corrections in their prices over the last few days. For example, Fantom has seen a 40% correction in its price within 4 weeks due to heavy selling pressure. In addition to this Aavegotchi saw an $8.2 million transfer across exchanges which caused swings in its price at the time.
Broader Crypto Market Performance
The broader crypto market has significantly declined by 6.66% in the last 24 hours bringing its capitalization to $928.41 billion while its global trading volume is up by 60.65%, reaching $69.40 billion within that same period.
Regulation Overhaul Plans Gaining Traction
In other news related to regulatory oversight Republican House members are looking into potential ways of overhauling current regulations applicable to cryptocurrencies as well as blockchain technology usage across different sectors of business operations and finance management as they look into how best they can promote innovation while also protecting consumers’ rights and interests as it relates to digital assets like cryptocurrency investments or payments using blockchain-based solutions such as stablecoins or digital wallets .
Overall despite recent declines in prices for cryptocurrencies there is still plenty of optimism surrounding them especially when it comes down to potential regulation changes which could greatly impact how companies operate when it comes down to utilizing blockchain technology for financial management services or using digital assets like cryptocurrencies for payment settlement services .