“Panic Peak” – Crypto Market Swings After Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Dogecoin, Avalanche and Polkadot Price Crash

Bitcoin and cryptocurrency prices are headed lower, after US stocks plunged after their biggest loss since June 2020.

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Bitcoin price has fallen back below the closely watched level of $30,000 per bitcoin, down nearly 5% in the past 25 hours. The other top 10 cryptocurrencies, including Ethereum, BNB, XRP, solana, cardano avalanche, dogecoin, and polkadot, experienced a sharp decline, with all of the Ethereum competitors losing about 10%.

As bitcoin and cryptocurrency traders grapple with the massive price crash that has wiped out $1 trillion from the common crypto market since April, fears are growing that more pain may be on the way if the stock market contagion spreads.

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“It is clear that the market is still in a state of fear due to the decoupling [collapsed stablecoin] Sam Kopelman, UK director of bitcoin and cryptocurrency company Luno, said via email that the UST, as well as the spread of fear in the broader financial markets, has been stoked.

On Wednesday, all major US markets fell sharply, with the S&P closing down 4%, its biggest drop since June 2020, and the tech-heavy Nasdaq losing 4.7%. In recent weeks, crypto-market watchers have highlighted bitcoin’s proximity to the stock market, with the Federal Reserve raising interest rates and shrinking the balance sheet to pressure investors across the board.

“The current fear in the cryptocurrency markets is pushing the capital that was previously invested in altcoins into bitcoin — a sign of the currency’s relative strength compared to others,” Koppelman added.

Ethereum, its biggest competitors solana, cardano, avalanche and polkadot, as well as meme-based dogecoin and Ripple’s XRP, have all fallen faster than bitcoin in recent weeks.

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“[The] Alex Kuptsikevich, chief market analyst at FxPro, wrote in an email comments, adding that the bitcoin price could drop to $20,000 if the cryptocurrency crash continues.

“The overall negative sentiment in the market has prevented the bulls from turning in full force. So far, it is not easy to see reliable signs of an oversold or bounce formation. We should be prepared for the cryptocurrency market to test support at last week’s lows once again in the near term. We consider the area near $20,000 as the ultimate target for a potential selloff, which aligns with Bitcoin’s long-term support line.”

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