The crypto market is experiencing heavy losses as prices continue to fall. The crypto market correction continues its downward trend. Bitcoin briefly dropped to $ 43,796. It’s down 7% in the last 24 hours and is about to end a dark week with a 25% drop in price.
Why did it fall? Macroeconomic events may be the first cause. On Thursday, 10-year US Treasury bond yields reached their highest level in more than a year before the retracement, but not before encouraging individual investors to pull back from high-risk assets like cryptocurrencies. Crypto was not the only asset to suffer, technology stocks also took a big hit.
Second-ranked Ethereum continues to decline. Yesterday, the value of the coin was $ 1,500. Today, it dropped more than 6% from $ 1,382 to its new price, resulting in a seven-day 30% drop. To get an idea of how high the loss is, we can say that Ethereum was trading at an all-time high of $ 2,000 last weekend.
Cardano’s ADA token is the only cryptocurrency that has survived the storm this weekend. ADA hit an all-time high of $ 1.48 yesterday. But still in red today. It fell 11% to $ 1.29 overnight. This is 12% higher than last week, but the hard fork excitement that will take place next month seems to fade.
Polkadot’s DOT token and Uniswap’s UNI token are among those that lost the most value overnight. DOT was down 7% to $ 32. Like Bitcoin, its price has dropped 20% since last week. The UNI dropped almost 9% to $ 21.95 on the last day and is 30% cheaper than last Sunday.
Although XRP has dropped only 2% in the past 24 hours, causing relatively mild overnight losses for XRP holders, it sits at a price of $ 0.42
Chainlink, Litecoin, Uniswap, and Bitcoin Cash have dropped a staggering thirty percent since last Sunday. Chainlink’s LINK token currently stands at $ 24.52, down 3% since yesterday. Litecoin and Bitcoin Cash dropped 5% last night, LTC reached $ 164 and BCH settled at $ 464.
In addition, there is almost no news about corporate crypto investment this week. Tesla set the bar extremely high at the beginning of the month when, in an SEC file, the company announced that it had invested $ 1.5 billion in Bitcoin. Similarly, BlackRock, the world’s largest asset management company, which controls nearly $ 9 trillion in assets under management, announced through its CIO that it is currently “dealing” with Bitcoin.
The big news for traditional investors this month was that Canada launched two Exchange Traded Funds for its investors looking to trade Bitcoin using a traditional auditable financial instrument. The first ETF launched by Purpose Investments raised almost half a million dollars in assets managed in its first two days. It only raised $ 60 million in the last three days.
The online arts and crafts gift store fell on Friday when Etsy announced through its CEO Josh Silverman that it would not accept or deposit Bitcoin as a means of payment this year.