The cryptocurrency market has seen a precipitous 7.9% decline in the past day. Nearly every significant cryptocurrency has been impacted by the general fall in the crypto market. Crucially, the altcoin market fell precipitously from $1.49T to $1.38T yesterday. The recent decline in the US market and the strengthening of the dollar against other major currencies caused the bearish turn in the cryptocurrency trend. The S&P 500 index fell from about $5,993.96 to $5,909.02 yesterday. Experts, however, think that the cryptocurrency market’s bull momentum is still strong. Is it time to profit from Bitcoin’s decline? Let’s investigate.
What Led to the Correction in the Crypto Market?
The S&P 500 saw a sharp one-day decline of 1.38% on January 7. On the same day, several well-known US stocks had comparable patterns, including Tesla and Nvidia.
NVIDIA fell precipitously from $153.11 to $140.14, and Tesla fell from $406.15 to $393.65.
The US currency is becoming stronger versus other major currencies, as evidenced by the Euro’s 0.46% gain against the US dollar, the Japanese Yen’s 0.30% gain, and the Indian Rupee’s 0.11% gain.
Reports by Binance Square indicate that these factors damaged the cryptocurrency market, causing an abrupt reversal.
Texas investor ordered to submit keys to $124m BTC fortune
U.S. District Judge Robert Pitman has ordered Frank Richard Ahlgren III, an early cryptocurrency investor, to surrender the private keys to his Bitcoin wallet (-5.28%) and any other pertinent digital asset storage devices.
A private key encryption scheme that grants the possessor complete access and control of protected crypto wallets.
Texas #Investor's #Crypto Keys Ordered to Be Surrendered in Tax Fraud Case
A federal court has made a ruling in a landmark tax case involving #cryptocurrency. An early #Bitcoin $BTC investor, has been ordered to surrender his private keys.
Read more: https://t.co/baErAcdgI6 pic.twitter.com/phOScw2aS4
— EOS Support News (@eossupport_news) January 8, 2025
Additionally, Ahlgren and his proxies were prohibited by Judge Pitman’s order from transferring cryptocurrency or hiding digital assets from the court. According to Bloomberg, the court’s ruling aims to recover $1 million in court-approved damages and unlock over $124 million in digital assets ascribed to Ahlgren, even though he can use cryptocurrency to pay his monthly living expenses. You can know more details here.
Related Stories:
Institutions Stack Up as Retail Sleeps on Crypto: Lark Davis Highlights Market Trends
Crypto Market Plummets: Coinbase and Crypto.com Cut Hundreds of Jobs
Bitcoin Slumps Below $68,000 on US Rate Cut Concerns, Crypto Market in Red
Dogecoin Dips 5% in a Quiet Crypto Market
Crypto Market Crash: Billions Wiped Out in a Week of Turmoil
Stress in the Crypto Market: Bitcoin and Ethereum are Collapsing
Crypto Market in Turmoil; Trump’s Bitcoin Warning Sparks Fear
Crypto Market Could Hit $10 Trillion In Market Cap
Leave a Reply