/ Discover the latest in the crypto market today: Bitcoin and major altcoins facing downturn. US SEC warns against FOMO.
Author: Nilesh Hembade.
Date: 08 Jan 2024, 10:20 AM IST
In a gloomy start to the week, the crypto market is witnessing a bearish trend as the prices of Bitcoin and other major cryptocurrencies take a significant hit. Adding to the cautionary atmosphere, the United States Securities and Exchange Commission (SEC) has issued a warning to traders and investors, urging them to steer clear of succumbing to FOMO (Fear of Missing Out) in the volatile world of cryptocurrencies.
#SECInvestingResolution 5: Say “NO GO to FOMO” (fear of missing out). Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you. Learn more about finding out what’s right for you and your investing goals: https://t.co/fixDWoNFrF pic.twitter.com/SGf1z6xmhL
— SEC Investor Ed (@SEC_Investor_Ed) January 6, 2024
Let’s take a closer look at the current market prices:
Bitcoin (BTC): Bitcoin is experiencing a 0.98% decline, trading at $43,548 in the last 24 hours. The market cap for Bitcoin stands at a substantial $853 billion.
Ethereum (ETH): Ethereum is down by -2.27%, with its current trading price at $2,195 in the last 24 hours. The market cap for Ethereum is reported to be $269 billion.
The significant drops are not limited to the major players; several altcoins and memecoins are also facing substantial losses:
Powerledger (POWR):
The price of the POWR token has plummeted by an alarming -52.85% to $0.4337 in the last 24 hours, reflecting a market cap of $221 million.
Luna Classic (LUNC):
Luna Classic (LUNC) is down by -11.11%, trading at $0.0001093 in the last 24 hours. The market cap for Luna Classic stands at $637 million.
Pepecoin (PEPE):
Even the popular memecoin Pepecoin (PEPE) is not immune to the market downturn. Today, its price has dipped by -10.27%, currently trading at $0.00000107. The market cap for Pepecoin is valued at $451 million.
With the SEC sounding the alarm on FOMO, traders and investors are advised to exercise caution and conduct thorough research before making any decisions in the turbulent crypto market. As prices continue to fluctuate, the importance of strategic and informed investment practices becomes increasingly evident.