US DoJ crypto enforcement announcement sends Bitcoin below $21,000

The cryptocurrency market cap saw net outflows of $26.3 billion in the last 24 hours and currently stands at $965.18 billion — down 2.64% from $991.48 billion.

Over the reporting period, Bitcoin and Ethereum’s market cap decreased by 2.21% and 3.55% to $400.19 billion and $186.29 billion, respectively.

All top 10 cryptocurrencies recorded losses over the reporting period. The top losers included Shiba Inu, Solana, and Dogecoin which lost 10.18%, 7.18%, and 6.65%, respectively.

In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) marginally declined to $66.48 billion and $43.11 billion, respectively. The market cap of BinanceUSD (BUSD) rose to $16.31 billion.

Bitcoin

BTC fell 2.26% to trade at $20,743 as of 07:00 ET. Its market dominance jumped to 41.4% from 41.2%.

In the last 24 hours, Bitcoin fell below $21,000 following the FUD spread by the U.S. Department of Justice’s enforcement action. According to Santiment, traders were scared that the DoJ was “honing in on something more drastic” rather than the actions taken against Bitzlato.

Ethereum

Ethereum dropped 3.64% over the last 24 hours to trade at $1,519 as of 07:00 ET. Its market dominance dropped to 19.3% from 19.5%.

ETH mirrored Bitcoin’s price movement in the last 24 hours, falling near $1500. The digital asset peaked at $1602 and bottomed at $1509.

Top 5 Gainers

TNC Coin

TNC is the day’s biggest gainer, increasing 26.96% over the reporting period to $0.103 as of press time. The Ethereum-based gaming token is up 59% in the last 30 days. Its market cap stood at $604.33 million.

Enjin Coin

ENJ gained 8.8% in the last 24 hours to trade at $0.41408 as of press time. The NFT-related blockchain recently launched the Enjin wallet and NFT marketplace NFT.io, increasing interest in the protocol. Its market cap stood at $414.08 million.

Kava

KAVA rose 7.78% to $1.03 in the last 24 hours. The DeFi token increased by over 40% in the last seven days. Its market cap stood at $395.52 million.

Ravencoin

RVN jumped 5.43% over the reporting period to $0.02518. The proof-of-work token is seeing renewed interest from the community, up 20% in the last 30 days. Its market cap stood at $305.15 million.

Everscale

EVER is back among the top gainer’s list, rising by 5.15% in the last 24 hours to $0.05251. Its market cap stood at $90.17 million

Top 5 Losers

Gala

GALA is the day’s top loser, plunging 13.05% to $0.04424 as of press time. The play-to-earn token had risen by 137% over the past month, topping major large-cap tokens gains. Its market cap stood at $308.64 million.

Galxe

GAL shed most of the gains it made on Jan. 18, falling 12.4% over the reporting period to $1.64 as of press time. Its market cap stood at $89.25 million.

Hex

HEX fell 12.15% in the last 24 hours and was trading for $0.02352 as of press time. The imminent launch of PulseChain by the project’s founder Richard Heart appears to have negatively impacted the token, falling by roughly 3% in the last seven days. Its market cap stood at $4.08 billion.

SafePal

SFP plunged 11.46% to $0.39232. The token’s price performance has been negative over the last seven days, declining by 3%. Its market cap stood at$127.27 million.

RocketPool

RPL decreased 11.36% in the last 24 hours to $31.61. The liquid staking token had spiked to as high as $42 following news of its Binance listing before retracing to its current levels. Its market cap stood at $324.95 million.