Few coins have escaped today’s sharp fall, with the crypto market’s total capitalization dropping by 2.8% in the past 24 hours, to $2.37 trillion.
World Liberty Financial deal faces House probeThe Biden administration had previously blocked similar deals, on the grounds that G42 had links to the sanctioned technology firm Huawei, as well as other Chinese companies.
Based on such reporting, the press release announcing the Khanna-led investigation argued that “it’s wrong to implicate the President’s personal financial interests in policy decisions.”
World Liberty Financial has been contacted for comment.
Crypto market slumpsAccording to eToro analyst Simon Peters, risk-off sentiment is continuing to weigh heavily on the market and wider industry.
He told Decrypt, “Recent geopolitical tensions, macroeconomic uncertainty, disappointing earnings forecasts and the threat of quantum computing is causing institutional investors to rethink tech valuations and their exposure to crypto.”
He added, “For the technical analysts, Bitcoin is not far off its 200-week moving average [currently between $55,000 and $58,000], which historically has acted as a strong level of support following major corrections – 2015, 2018, 2020 (during the Covid pandemic) and most recently in 2022.”
