Today's price action across the broader cryptocurrency market hasn't been pleasant. Led by Bitcoin (CRYPTO: BTC), Solana (CRYPTO: SOL) and Avalanche (CRYPTO: AVAX), the overall market has sunk more than 4.1% over the past 24 hours, as of 3:30 p.m. ET on Thursday.

Bitcoin's 24-hour dip (unsurprisingly) matched the market, at a 4.1% decline. However, Solana and Avalanche saw more significant losses today, sinking 6.9% and 7.5%, respectively, over the same time frame. 

This decline is notable because it's one of the first such down days we've had thus far in 2023. Accordingly, with Bitcoin now trading around $22,000 at the time of this writing, it's clear investors are spooked by various sector-specific headwinds. Today, the cause for uncertainty appears to be increasing scrutiny from U.S. regulators.

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Source Fool.com