The crypto market saw another sharp selloff today as nearly $86 billion disappeared from the total market value within hours. The global crypto market cap dropped from around $2.57 trillion to nearly $2.49 trillion, while Bitcoin briefly fell to $74,255, recording a 4% decline over the past 24 hours.
Major altcoins were hit even harder, including Ethereum, Solana, XRP, BNB, and Dogecoin, all of which dropped between 5% and 9% as traders rushed to reduce risk across the market.
SEC Delay Triggers Fresh Market Fear
One of the biggest reasons behind today’s crash was a fresh regulatory setback tied to tokenized stock trading.
Reports suggested the U.S. Securities and Exchange Commission had delayed a proposed framework that could have allowed blockchain-based trading of tokenized U.S. stocks like Apple and Tesla.
The proposal would have allowed crypto firms and decentralized finance platforms to offer tokenized versions of public company shares while still treating them as securities under U.S. law.
The setback weakened investor confidence across crypto markets, especially after the odds of the Crypto Market Structure Bill being signed into law dropped from 75% to 62%.