The cryptocurrency market took a massive hit on Sunday, losing around $270 billion in just 24 hours. đ
Key Points:
- "Bitcoin" and "Ether"saw dramatic drops as investors sold off risky assets.
- Bitcoin fell 11% while Ether plunged 21%.
- The overall market value of cryptocurrencies plummeted by about $270 billion, according to CoinGecko.
Broader Market Impact:
This crypto crash coincided with a broader slide in the equities market across the Asia-Pacific region. đ
- "Japanâs Nikkei 225" dropped as much as 7%, continuing its losses after the Bank of Japan announced a rate hike to the highest level in 16 years.
- In the U.S., the "Nasdaq" slid 3.4% last week, marking its worst three-week stretch since September 2022. Companies like "Amazon" and "Nvidia" contributed to the decline. đ
Economic Factors:
- Last week's stock drop was linked to disappointing earnings, a weaker jobs report, higher unemployment, and a declining manufacturing sector. đ
- The U.S. Federal Reserve held its benchmark rate steady and did not promise a rate cut in September, which affected market expectations. đ
Crypto Prices:
- "Bitcoin" hit its lowest level since February, trading at about $54,000. Despite the drop, itâs still up almost 23% this year.
- "Ether" fell to around $2,300, erasing its gains for the year.
- Other cryptocurrencies like "Binanceâs BNB" and "Solana" also saw significant drops.
Looking Ahead:
Investors are keeping an eye on new trade data from China and Taiwan, and central bank decisions in India and Australia this week. đđŒ
The impact of this crypto crash will be widely felt, especially after the SEC approved new spot exchange-traded funds (ETFs) for Bitcoin and Ether earlier this year. These ETFs have attracted hundreds of millions of dollars. đ°
Wall Street Moves:
On Friday, CNBC reported that Morgan Stanley will soon allow its 15,000 financial advisors to pitch Bitcoin ETFs to their clients, marking a significant move for Wall Street
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