Crypto Market Experiences Big Dip: Find the Best Coins to Buy Now!

• The cryptocurrency market experienced a sharp decline on Thursday, with a net outflow of $35.215 billion causing the market cap to fall by 3.32%.
• Bitcoin and Ethereum had significant drops in their market caps, while other cryptos also suffered losses in value.
• The SEC is charging Do Kwon and Terraform Labs for allegedly defrauding investors in an unregistered securities scheme involving billions of dollars since April 2018.

Cryptocurrency Market Decline

The cryptocurrency market experienced a significant decline on Thursday, with a net outflow of $35.215 billion causing the market cap to fall by 3.32% from $1.062 trillion to $1.026 trillion. This news comes as a blow to bullish investors who have seen the cryptocurrency market rally in recent weeks.

Leading Cryptos Suffer Losses

The two most significant cryptocurrencies by market capitalization, Bitcoin and Ethereum, led the way with declines in their market caps. Bitcoin’s market cap dropped by 2.90% to $459.49 billion, while Ethereum’s fell by 0.78% to $203.99 billion. However, Bitcoin’s price is currently making a bit of a recovery in the past hours and is trading at $24,420 as of writing, while Ethereum’s price has also made a recovery in recent hours, trading at $1,697 as of writing.

SEC Charges Terraform Labs & CEO Do Kwon

In the SEC’s latest move in its crackdown on crypto, it’s charging Do Kwon and Terraform Labs for allegedly defrauding investors in a scheme involving billions of dollars since April 2018. In an official court filing from the Southern District of New York, it was revealed that Kwon raised money from investors through the sale of several interconnected digital assets that were unregistered securities. Investors in TerraUSD and Luna lost an estimated $42 billion globally prior to its collapse in May 2022 when it had a market cap of over $18.5 billion and was the tenth-largest cryptocurrency at the time.

Best Crypto To Buy Today?

As Bitcoin’s value consolidates, investors are taking the opportunity to re-evaluate their portfolios and seek new investment opportunities – what are some good cryptos to buy today? Some popular recommendations include MEMAG (Metaverse ETP), MATIC (Matic Network), FGHT (Fightcoin), LRC (Loopring), CCHG (Chiliz), FIL (Filecoin) and RIA (Rialto). These cryptocurrencies have strong fundamentals or potential use cases which could make them attractive investments going forward despite current bearish sentiments across markets.

Conclusion

It remains uncertain how low prices may go before they start recovering again but there could be opportunities for long-term gains if investors can identify cryptos which have strong fundamentals or potential use cases that could lead them higher when markets eventually turn positive again soon enough.