• Bitcoin is dipping below $30,000 even as broader traditional markets remain relatively unchanged.
• Tokens of some of the largest blockchains, such as Solana’s SOL, fell as much as 8% in the past 24 hours.
• Profit taking in bitcoin contributed to a broader market drop.

Crypto Market Decline

Bitcoin has been dipping under $30,000 even as broader traditional markets remain relatively unchanged. Tokens of some of the largest blockchains, such as Solana’s SOL, fell as much as 8% in the past 24 hours. Profit taking in bitcoin ( BTC ) contributed to a broader market drop which caused Ether ( ETH ) to shed over 3%, while XRP dropped 6%. Cardano’s ADA and Avalanche’s AVAX both fell 4%, stellar’s XLM dropped 6.6%, and Chainlink’s LINK traded flat following a 15% rise on Thursday.

U.S Regulatory Framework

Some of the selling pressure may have also arisen due to U.S House Republicans introducing a new digital assets oversight bill on Thursday that aims to establish a regulatory framework to protect investors in the crypto sector. Head of Digital Assets at WisdomTree Will Peck discussed his outlook for crypto markets analysis given this news and other macro events affecting it like tightening monetary conditions from central banks around the world and labor market resilience.

Year-to-Date Gains

Despite today’s dip, bulls have been on a tear with NDX gaining 40% and BTC rising 80% year-to-date gains according to Jon Knipper from Republic Crypto advisory service who said “Traders repriced the risk of Fed hikes and central bank tightening given labor market resilience.”

MKR Governance Token

MKR , governance token for MakerDAO’s DeFi protocol held up well despite its recent gains after more than doubling this month since mid June when it was trading at around $1,250 per token now trading at $3k per token . The MKR governance token could be further supported by planned updates for its MakerDAO platform that will improve liquidity options moving forward according to Republic Crypto advisory service director Jon Knipper.

Outlook For Cryptocurrency Markets

Overall cryptocurrency markets are still relatively volatile right now especially with new regulations emerging out of U.S government but with that being said there are still opportunities for growth especially with tokens like MKR that could benefit from upcoming updates for platforms like MakerDAO . It will be interesting too see how increased regulation affects cryptocurrency markets down the line but it doesn’t seem likely that it will dampen overall sentiment from traders anytime soon who can recognize potential profits in these innovative blockchain projects