Why the 3 Biggest Cryptocurrencies Bitcoin, Ethereum, and Binance Coin Dipped Today

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What happened

Today’s price action in the large cryptocurrency world has been largely negative. Indeed, when the three biggest tokens by market cap – Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Binance Coin (CRYPTO: BNB) – are all down, the market tends to follow suit. .

Over the past 24 hours, these large cap tokens have each lost 3.5%, 3% and 5.1%, respectively, at 9:30 a.m. ET. Unsurprisingly, the overall crypto market fell 3.6% in the past day, largely due to these moves.

Image source: Getty Images.

So what

These three tokens combined represent roughly two-thirds of the value of the overall crypto market. As a result, when this cohort sneezes, other cryptocurrencies tend to catch colds. This seems to be the case today.

Today, it was reported that Binance has removed its exchange request in Singapore. Additionally, Binance announced plans to completely pull its trading platform out of Singapore by February 13 and focus on other markets. This has proven to be a blow to Binance and general sentiment in the crypto space, as various global blockchain hubs continue to crack down on crypto in recent months.

It should be noted that this news follows high-profile regulatory crackdowns in China and India for Bitcoin mining and crypto, in general.

Investors appear to be staying on the lookout for the increasingly belligerent global regulatory environment surrounding the crypto industry. The Congressional Crypto Executives Grid last week provided the final regulatory concern, given that the United States has been viewed as a relatively safe haven for these digital currencies.

Now what

Make no mistake about it, Bitcoin, Ethereum, and Binance Coin reflect the general sentiment of investors in the crypto space. In general, these main cryptocurrencies are the main beneficiaries of capital inflows in this sector. As a result, those looking at the performance of the crypto market on any given day should generally take a look at the performance of these major cryptocurrencies for a relatively decent idea.

There are currently over 12,000 cryptocurrencies, each with their own catalysts and headwinds. However, the headwinds felt by these top three cryptocurrencies appear to be spreading across most cryptocurrencies today, with a sea of ​​red forming this morning.

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Chris MacDonald owns Ethereum. The Motley Fool owns and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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