Bitcoin, Ethereum Drop as Traditional Markets Skid Into New Week
Many key cryptocurrencies plunged dramatically on Sunday night as traditional markets fell ahead of a new trading week.
Bitcoin (BTC), Ethereum, ETH, XRP and Cardano (ADA), Solana and the meme coin Dogecoin(DOGE) saw their values drop sharply in a two-hour window, as the sun set on U.S. East Coast. Many logging drops were more than 3% over the previous 24 hours.
According to CoinGecko, Bitcoin dropped to $19 617 on Sunday evening. This is below the $17,760 dip seen on July 18. After a brief recovery on Friday when BTC reached $21,743, the slide continued.
Ethereum dropped to $1,431, an all-time low since July 26. Dogecoin also fell to $0.06154 after coming out of another dip on July 26. CoinGecko reported the same.
Financial analysts and commentators had predicted a tough Monday for the stock market. Trading platform provider IG Group reported on Twitter distinct ‘jitters at the U.S. Futures Market’ and advised investors to ‘get their tin hats’
Many blamed the market’s slide on fears of U.S. Federal Reserve rate increases that Powell promised last week. CNBC reported that the Dow Jones Industrial Average fell over 1,000 points on Friday.
Some of that downward pressure seems to have persisted through the weekend.
No related posts.