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Cryptocurrency markets plunged on Sunday as investors continued to sell off risky assets.
According to statistics, Bitcoin has fallen by 11% and Ethereum has plummeted by 21% in the past 24 hours, causing the total value of cryptocurrencies to fall by approximately $270 billion. Coin Gecko data.
Cryptocurrency market sell-off coincides with Asia-Pacific stock markets generally fell. Japan’s Nikkei 225 fell 7% after the Bank of Japan announced it would take action, extending a decline that began last week. Raise base interest rate Hitting the highest level in 16 years.
The U.S. Nasdaq index fell 3.4% last week correction areaending the tech-heavy index’s worst three-week stretch since the market went into freefall in September 2022. Amazon and Nvidia caused a decline.
Last week’s stock market decline was partly linked to disappointing earnings, weaker than expected employment report, rising unemployment and declining manufacturing. The Fed chose catch Its benchmark interest rate remains stable and there is no commitment to a rate cut in September, which many market experts have factored into their forecasts. Lower interest rates tend to be associated with better performance for risky assets.
BitcoinPrices have hit their lowest levels since February. The world’s largest cryptocurrency is trading at around $54,000. It’s still up nearly 23% this year.
The price is etherThe native token underpinning the Ethereum blockchain fell to around $2,300, erasing this year’s gains. Binance’s BNB token drops more than 15% Solana The trading price fell by 10%.
investors are Also looking for This week brings new trade data from China and Taiwan, as well as decisions from the central banks of India and Australia.
Losses in the latest cryptocurrencies will be felt by a wider range of investors after the U.S. Securities and Exchange Commission approved new Bitcoin and Ethereum spot exchange-traded funds this year. ETFs have attracted hundreds of millions of dollars into these tokens. On Friday, CNBC reported that Morgan Stanley Will soon allow its 15,000 financial advisors It is a first for Wall Street to promote a Bitcoin ETF to customers.
