The cryptocurrency market continues its decline, battered by a combination of factors including the recent ‘hawkish pause’ by the Federal Reserve and the lingering effects of the Securities and Exchange Commission (SEC) cases against leading crypto exchanges, Binance and Coinbase.

Bitcoin, the trailblazing cryptocurrency, is feeling the brunt of the downturn, breaking through the crucial $25,000 threshold and currently trading at $24,900. The drop in Bitcoin’s value raises alarm bells among investors, as its performance often serves as a barometer for the overall crypto market. Adding to the woes, XRP, another heavyweight, is also tumbling as investors digest the recently revealed Hinman speech documents. Since Tuesday’s peak, XRP has witnessed a 7% decline, now trading at $0.4724.

Ethereum, the second-largest cryptocurrency by market capitalisation, is down 6.4%, trading at $1,632.

Cardano has been the biggest loser, falling over 20% in the past week. The rapid fall follows Cardano’s inclusion, alongside 12 other tokens, in an SEC lawsuit against Binance and Coinbase. Currently, ADA is trading at $0.25.

The prevailing bearish sentiment in the market has been further exacerbated by an abnormal surge in the selling of Tether (USDT), a popular stablecoin, on the decentralised finance (DeFi) protocol Curve Finance. As a result, the token has fallen below its peg to the US dollar, introducing additional volatility into the market.

At present, Tether is trading at $0.996. Responding to the market conditions, Paolo Ardoino, the Chief Technology Officer of Tether, took to Twitter to address the concerns. Ardoino acknowledged the edginess prevailing in the markets, reassuring investors that Tether remains steadfast and well-prepared. He also said that the company’s commitment to redeeming the stablecoin for holders interested in swapping it for the underlying US dollar, stating, “Let them come.”

The overall market decline has contributed to a 3.8% contraction in the market capitalisation within the past 24 hours, according to data from CoinMarketCap.