Why Is Dogecoin Dropping Lower Today?
Dogecoin (CRYPTO: DOGE) was down 3.27% at $0.20 over 24 hours leading up to press time early Tuesday morning.
What’s Moving? The Shiba Inu-themed coin has fallen 3.28% over a seven-day trailing period.
Against cryptocurrencies with larger market caps, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE rose 0.74% and 3.34%, respectively.
Since the year began, DOGE has shot up 3441.65%, but it has fallen 26.62% and 20.25% over the last 30 and 90 days.
Why Is It Moving: DOGE turned red in step with other major coins as the global cryptocurrency market capitalization declined 4% to $1.96 trillion, as per CoinGecko data.
DOGE saw low interest on Twitter at press time. The cryptocurrency was mentioned in 1,590 tweets, as per Cointrendz data. BTC and ETH saw the highest interest and were mentioned in 6,043 and 4,158 tweets, respectively.
The recent regulator crackdown against cryptocurrencies in China is leading to the suspension of new customer acceptance on offshore Chinese exchanges like Huobi.
In parallel, Decentralized Finance or DeFi exchange usage is rising as these require only a cryptocurrency wallet and no KYC and can be set up in a “matter of minutes,” said Jonas Luethy, a sales trader at the United Kingdom-based digital asset broker GlobalBlock.
Worries about a tightening regulatory noose have kept major coins, including DOGE, depressed in the recent period.
Kraken Chief Legal Officer Marco Santori has said that the cryptocurrency industry should brace itself for “more Wall Street-like regulation from governments in the U.S. and abroad.”
Signs of this are already emerging as Singapore becomes the latest country to crackdown on Binance, the largest cryptocurrency exchange in the world by volume.
Regulators in Britain, Italy, and Hong Kong have already cracked down on Binance, while Malaysia has reprimanded it.
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