Bitcoin, Ethereum Drop as Traditional Markets Skid into New Week

Bitcoin, Ethereum Drop as Traditional Markets Skid into New Week

  • Bitcoin
  • August 29, 2022
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Several key cryptocurrencies fell dramatically Sunday evening as traditional markets dropped heading into a new trading week.

Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Solana, and meme coin Dogecoin (DOGE) all saw values fall sharply within a two-hour window as the sun set on the U.S. East Coast, many logging drops of over 3% over the prior 24 hours.

Bitcoin fell to $19,617 on Sunday evening, below the last dip to $19,323 seen on July 13, according to CoinGecko. The decline continued a slide that began Friday, which brought brief hope of a recovery when BTC bumped briefly north to $21,743.

Ethereum, meanwhile, dipped to $1,431, a low not seen since July 26. Similarly, Dogecoin fell to $0.06154, where it was during coming out of another dip that same day, per CoinGecko.

Things didn’t look much better for the sixth, seventh, and eighth largest cryptocurrencies by market cap. XRP fell to $0.3217, Cardano (ADA) to $0.4279, and Solana to $30.15, according to CoinMarketCap. That marks new lows over the past year for Cardano and Solana, and leaves XRP dancing near its 365-day low of $0.31 seen in June.

The declines come as financial analysts and commentators predicted a rough Monday on the stock market. Trading platform provider IG Group reported distinct “jitters in the U.S. futures market” on Twitter, advising investors to “get your tin hats on.”

Many attributed the slide to fears of aggressive U.S. Federal Reserve rate hikes promised by Powell last week. The market closed down across the board on Friday, CNBC reported, with the Dow Jones Industrial Average falling over 1,000 points.

At least some of that downward pressure appears to have carried through the weekend.

The stock market activity tracker on the website of Nasdaq, the largest online securities trading marketplace, showed red, downward-pointing arrows across the board twelve hours before the U.S. stock market was set to open on Monday.

Nasdaq’s activity tracker.

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