Bitcoin and Ethereum retrace their steps in a bearish Tuesday trade

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Bitcoin fell 3.5% to US$21,150 in Tuesday’s early-morning trade, stemming hopes of a sustained recovery on the crypto markets.

Ethereum suffered greater losses with a 6.45% decline, pulling the coin back below the US$1,500 support line.

Global market capitalisation was unable to hold onto the key US$1tln price barrier, dropping 3.73% to US$971.1bln.

It’s been a bearish morning for network tokens, with Binance’s BNB coin, Cardano, Solano, Polygon and Avalanche all shedding between 4% and 10%.

 Decentralised finance took a 4.43% hit in total locked volumes, with Curve and Convex Finance being among the biggest double-digit losers.

The large-cap play-to-earn (P2E) segment continued to lose ground; Decentraland’s MANA token fell by 5%, The Sandbox by 7% and Axie Infinity by over 8%.

In the news

Centralised exchange Coinbase is facing a Securities Exchange Commission (SEC) probe into the listing of unregistered securities, according to a Bloomberg report.

The news follows a complaint filed last week by the crypto-sceptic regulator (which has often classified digital assets as securities) that cited nine digital assets as securities, although a similar lawsuit into Ripple’s XRP token has so far been unsuccessful.

The “most hated man in America” Martin Shkreli is back in business two months after serving seven years behind bars for securities fraud.

The so-called “pharma bro”, who infamously price gauged the pharmaceuticals industry, announced a tokenised, blockchain-based medical technology project in an interview with popular newsletter Milk Road.