The crypto market has shown mixed price actions, with most cryptocurrencies – including Bitcoin – bleeding red as their prices fell significantly on Thursday.
A notable decrease followed this adverse price action in the global cryptocurrency market capitalization, which dropped by 3.60% to $2.33 trillion over the past day, fuelling bearish sentiments across the broad market.
Nonetheless, the overall market volume saw a notable increase of 23.59% to $89.45 billion, suggesting an increase in selling pressures due to panics from the recent global equity sell-offs and broader economic factors.
Bitcoin and Crypto Market Tumbles Following Tech Rout
Today’s negative trend witnessed across the crypto market follows the recent crash in tech stocks, which sent shivers among retail and institutional investors worldwide.
The tech stock rout, led by the S&P 500 and Nasdaq Composite, which recorded significant lows not experienced in two years, has seen investors liquidate large shares of their portfolios and switch to less-risky investment options. Notably, this has primarily affected the performance of cryptocurrencies today.
Bitcoin responded to this global negative trajectory with a price dump of 2.64% to $64,641. Unfortunately, this move has not only affected the price of Bitcoin but also triggered panics among traders and led to more profound losses for altcoins, as many traders opted to sell off their crypto assets to hedge against the impending market turbulence.
According to data from CoinMarketCap, BNB, SOL, and XRP have had their share of the ridiculous market plunge as the assets plunged by 3.48%, 4.78%, and 0.55% to $564, $170, and $0.6185, respectively.
Ethereum Falls 8%
In contrast to several expectations and the spot Bitcoin ETFs momentum at launch, Ethereum has continued to record deep shortages since the approval of spot ETH ETFs by the SEC on July 23rd.
While BlackRock Ethereum ETF had led the first inflow with about $266 million, it was unable to offset the outflows recorded by other asset managers. This triggered the Ethereum sell-offs. As of writing time, Ethereum had plunged by 8.17% to $3141 over the last day.
