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Cryptos caught in regulatory crosshairs
Bitcoin dropped below the crucial $27,000 level as regulatory concerns weighed on the cryptocurrency market. Ethereum also experienced a 3.1% loss, trading below $1,800. Jane Street and Jump Crypto, major market makers, announced their retreat from crypto trading in the US due to regulatory crackdowns. Despite the downward moves, crypto backers remain unfazed. Analysts are closely monitoring the $25,200 level as a significant support threshold. The joint warning from regulatory authorities earlier about liquidity risks associated with banking crypto firms adds to the challenges faced by the industry.
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