Bitcoin Slips Below $70K as Regulatory Uncertainty Weighs on Markets
Crypto prices traded lower on February 10 as Bitcoin failed to hold above the key $70,000 psychological level, triggering cautious sentiment across the market.
Bitcoin dropped to $69,729.50 after a brief rally toward $72,000 on signaling a range bound phase as traders remain on the sidelines amid macro and regulatory uncertainty. The global crypto market capitalization declined 1.62% to $2.37 trillion at press time.
Altcoins largely followed Bitcoin’s move with XRP slipping below $2 and broader market performance remaining subdued due to reduced risk appetite.
Ethereum drew attention as its exchange supply fell to a ten year low a development that could lead to heightened volatility if buying pressure returns given reduced sell side liquidity.
Investor sentiment was further pressured by regulatory developments in the US. The Federal Reserve’s proposed skinny master accounts which would grant crypto firms direct access to US payment rails faced joint opposition from traditional banks. Meanwhile uncertainty surrounding former President Donald Trump’s proposed crypto reserve plan added to market caution.
Overall the market appears to be consolidating rather than reversingwith traders awaiting clearer regulatory direction and macro catalysts before making decisive moves.
