Some 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 falling. Going back to July lows.
Some Cryptos drop significantly
Bitcoin, Ethereum, Ripple, Cardano, Solana, and Dogecoin saw huge drops in 2 hours. These cryptos are a significant part of the total capitalization of the crypto market. So, this resulted in many declines of more than 3% in the last 24 hours.
Bitcoin fell to $19,617 on Sunday evening, approaching its most recent low on July 13, according to CoinGecko. This fall started on Friday, after a small rise of 5.5% in cryptos. A brief rise took BTC to $21,743.
As for the Ether, the cryptocurrency fell as low as $1,431. This is a low not seen since July 26. Additionally, 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 declined. In fact, Ripple (XRP) was at $0.3217. Additionally, Cardano (ADA) and Solana were down $0.4279 and $30.15 respectively, according to Coinmarketcap. These are new 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 forecast 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 fall 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 a CNBC report. This decline continued throughout the weekend.
In addition to this fall in cryptos, the Nasdaq website’s activity tracker also showed pointing red arrows. This is two hours before the US stock market opens on Monday. Which shows a bearish sentiment for this week.
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