BTC trades 8% down as ETH tanks 21% of its value. XRP, BNB, and ADA also plummeted with double digits. Remarkably, the recent sell-offs occur amid moderately high trading volume. With that, analysts conclude that the current trend might hold for some time.
Most top digital coins saw plummets on Wednesday as the entire market denotes increased bearish activities. Excluding dollar-pegged assets, the top 10 cryptocurrencies have lost around 25% since yesterday.
BTC lost 8% as Ethereum followed with 21% drops. Other altcoins that lost their values with double digits are Cardano, Ripple, and Binance Coin. Surprisingly, the recent losses happened when the market had a somewhat high trading volume. Market players predict extended plunges with such market cases.
The current market indicates bear control. As much as this wasn’t a massive panic selling trading session, the overall market has bearish sentiments for now. BTC still struggles with the $33K mark while ETH trades beneath $2,000. With such losses, the entire altcoin market seems to shake. According to Mudrex co-founder and founder Edu Patel, that type of volatility can take over the crypto market for the rest of the week.
However, cryptocurrency was not the only market that experienced selling. Global equities saw the pressure as well. The current market movement comes after the sudden US inflation increase, pushing the US dollar and yields high.
On Tuesday, the Labor Department announced that the United States consumer price index hiked by 0.9 percent in June. That translates to the highest gains since 2008 June and exceeds market expectations.
Market analysts trust that the awaited Grayscale unlockings, together with the Taproot upgrade, have chances to magnify buying by Bitcoin whales and billionaire investors.
For now, any interested crypto investor has to be careful. The entire crypto market has bearish sentiments. However, that might translate to an investment opportunity for savvy investors. Keep in mind that the market has been calm for the past weeks due to inadequate sentiments to trigger fluctuations. For now, analysts wait for various upcoming crypto events that would catalyze price changes. What are your thoughts on that?