The Cryptocurrencies market has its first major drop of 2023. What is happening? – Crypto Economy

The crypto market regained bullish momentum at the start of this year as numerous cryptocurrencies were seen in the green. Cryptocurrencies rose considerably over the days, making it seem that the market survived the crypto winter. However, the situation has changed, considering how the market has experienced its first drop this year. Cryptocurrencies have lost a significant percentage of their values and are trading much below today.
According to several crypto analysts, the decline in trading prices can be associated with the latest development. It would now be mandatory for banks to impose tighter rules surrounding cryptocurrencies. The new implementation follows the Basel III accord that requires banks to hold more capital to bear market shocks. 

Cryptocurrencies Experience a Drop 
Some of the major cryptocurrencies that experienced a considerable drop in value have been mentioned as follows.

BTC: The first crypto that witnessed a decline in value is BTC. Despite the token touching the $23k mark a while ago, it has again slipped back to trading in the $22k mark. At the time of writing, BTC is down by 1.66% and is trading for almost $22,632. Similarly, BTC has a total market cap of approximately $435 billion.
ETH: Another of the many cryptocurrencies to experience a drop in value is ETH. Just like BTC, ETH displayed a strong performance a few days ago. Currently, the token is down by 4.35% in the last 24 hours and is trading for $1550. ETH currently has a total market cap of $189 billion.
ADA: Despite displaying an impressive increase, ADA has retracted once again. The token is currently trading for $0.3295 and has witnessed a drop of 4.96%. In addition, ADA has a total market cap of almost $12 billion.
DOGE: The popular memecoin was another victim of the drop. DOGE has shed off 4.65% of its value in the previous 24 hours and is trading for $0.08428. As long as the market cap is concerned, DOGE holds approximately $11 billion.
SHIB: Just like DOGE, SHIB was no exception either. The memecoin is currently trading for $0.00001134 and has slumped by nearly 4.63%. However, SHIB holds a total market cap of approximately $6 billion.
XRP: XRP is another victim of the decline in the crypto market. The token lost 3.34% of its value in the last 24 hours and is trading for $0.4084. Similarly, XRP currently has a total market cap of $20 billion.

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