In a shocking turn of events over the weekend, spurred by mass bitcoin selloffs on Sunday, its price took a tremendous nosedive. Bitcoin’s value dropped by over 12% on Monday morning, going from over ,000 to less than ,000 within 24 hours. Bitcoin has not observed such lows since February, when it rallied toward new highs. This downturn also caused ETH to take a massive hit, as its price dropped to around ,200, falling by over 20%. ETH has not touched this price point since last December. Bitcoin is down over 25% on a week-over-week basis, while ETH is down over 30%. Other top altcoins, including BNB, SOL, and XRP, recorded 24-hour price drops of between 16% and 19%. While multiple factors pushed crypto prices down, causing its market cap to shed over 0 billion in the past
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In a shocking turn of events over the weekend, spurred by mass bitcoin selloffs on Sunday, its price took a tremendous nosedive. Bitcoin’s value dropped by over 12% on Monday morning, going from over $60,000 to less than $53,000 within 24 hours. Bitcoin has not observed such lows since February, when it rallied toward new highs.
This downturn also caused ETH to take a massive hit, as its price dropped to around $2,200, falling by over 20%. ETH has not touched this price point since last December. Bitcoin is down over 25% on a week-over-week basis, while ETH is down over 30%. Other top altcoins, including BNB, SOL, and XRP, recorded 24-hour price drops of between 16% and 19%.
While multiple factors pushed crypto prices down, causing its market cap to shed over $500 billion in the past three days, the largest value erasure it has observed in the past year, one stands out as the main cause.
This factor came from Japan, as the Bank of Japan increased its interest rates, taking Yen’s value up and causing the Nikkei 225 stock market to witness sharp selloffs. Nikkei is down over 10%, marking its worst performance since 1987. The interest rate hikes have contributed to that.
The US stock market took a hit as well as the ripples from Japan’s woes were felt across the Pacific Ocean. Nasdaq saw a 5% decline in the final two sessions last week. Furthermore, the US Federal Reserve remained indecisive about interest rate cuts in September, which many believed imminent.
Within the crypto ecosystem, developments at Jump Crypto’s end are also the reason for plunging digital asset prices market-wide. The trading firm is selling hundreds of millions of dollars of assets, playing a hand in diminishing asset prices.