SEC Launches Crypto Task Force as Bitcoin Drops to $98K – XRP Leads Market Losses

The cryptocurrency market experienced a notable downturn today, with the global market cap dropping by 2.84% to $3.22 trillion. In tandem with this decline, trading volume also saw a significant reduction, falling 24.46% to $193.73 billion. The Fear & Greed Index currently sits at 38, signaling a neutral sentiment as investors adopt a cautious stance amid ongoing market volatility.

SEC’s New Crypto Task Force: A Step Toward Clarity

In response to the growing demand for regulatory clarity, SEC Commissioner Hester Pierce unveiled a new Crypto Task Force on February 4th. The initiative aims to provide clearer guidelines and enhanced oversight for the cryptocurrency space, which has faced mounting regulatory pressure globally. This move comes at a crucial time for the industry, as regulators are increasingly focusing on defining and enforcing crypto policies.

Bitcoin Faces Market Pressure, Falls to $98k

Bitcoin, the leading cryptocurrency, has been under pressure, experiencing a 2.52% drop in the last 24 hours, now priced at $98,206.16. Despite the decline, Bitcoin’s market dominance has risen to 60.40%, suggesting that investors are turning to the digital asset as a safe haven in uncertain times. However, the 12.95% dip in BTC’s trading volume to $72.89 billion signals a slowdown in market activity, leaving many wondering about the next direction for the flagship crypto.

Source: CMC Data

XRP Struggles After Network Halt

XRP has been hit the hardest among major cryptocurrencies, plunging 7.32% over the past day. The steep drop follows an unexpected one-hour halt in the XRP network, sparking fears and uncertainty among investors. The incident has raised questions about the stability of the network, affecting XRP’s short-term performance.

Ethereum dropped 2.57%, settling at $2,734.07, while Solana saw a larger decline of 3.37%, now priced at $208.08. The broader market downturn has weighed heavily on altcoins, with only a handful of projects showing positive movement. As the market adjusts to regulatory and technical challenges, investors remain on edge, awaiting further developments.

Also Read: Coinbase Secures FCA Approval, Becomes Largest Crypto Exchange in the UK—What This Means for Traders

Stay informed with our Bitcoin Price Prediction 2025, 2026-2030, and XRP Price Prediction 2025, 2026-2030 for future insights.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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