Several cryptos fell more than 3% on Sunday, starting the week in bad shape. Led by bitcoin (BTC) and ether (ETH), several high-profile digital currencies are plunging. Revisiting the lows of July.
Several Cryptos Drop Significantly
Bitcoin, Ethereum, Ripple, Cardano, Solana, and Dogecoin saw huge declines in 2 hours. These cryptos make up a significant portion of the total crypto market capitalization. Thus, this has led to many declines of over 3% in the past 24 hours.
Bitcoin plunged to $19,617 on Sunday evening, closing in on the latest low on July 13, according to CoinGecko. This fall began on Friday, following a slight rise of 5.5% in cryptos. A brief surge that took BTC to $21,743.
As for Ether, the cryptocurrency fell as low as $1,431. This is a low not seen since July 26th. Alongside this, Dogecoin fell as low as $0.06154 as it emerged from a bearish phase on the day, according to CoinGecko.
The sixth, seventh and eighth largest cryptos by market capitalization also saw a drop. Indeed, Ripple (XRP) bottomed around $0.3217. Additionally, Cardano (ADA) and Solana were down $0.4279 and $30.15 respectively, according to Coinmarketcap. These are new 1-year lows for Cardano and Solana. Meanwhile Ripple (XRP) is approaching its 365-day low ($0.32) and hovering around this level.
The stock market is falling
This fall in the crypto market confirms the prediction of analysts and commentators. Indeed, they predicted a difficult week for the stock market. In addition, IG Group announced in a tweet the “panic in the US futures market”. He therefore advises investors to protect themselves.
According to other opinions, this drop in cryptos is the result of the aggressive Fed rate hike promised by Powell. The market in general saw a decline on Friday, as the Dow Jones fell 1,000 points, according to the rapohrt from CNBC. This decline continued throughout the weekend.
Alongside this drop in cryptos, the Nasdaq website’s activity tracker also showed red arrows pointing down. This twelve hours before the opening of the US stock market on Monday. Which shows a bearish sentiment for this week.
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