Several major cryptocurrencies fell dramatically on Sunday night as traditional markets plummeted en route to a new trading week.
Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Solana and meme coin Dogecoin (DOGE) all saw sharp declines in values within a two-hour window as the sun went down on the US east coast, many Logging losses greater than 3% in the last 24 hours.
Bitcoin fell to $19,617 on Sunday night, according to CoinGecko, below the last drop to $19,323 recorded on July 13. The decline continued a slide that began Friday and brought brief hopes of recovery as BTC briefly spiked north to $21,743.
Ethereum, meanwhile, fell to $1,431, a low not seen since July 26. Similarly, Dogecoin fell to $0.06154, where it emerged from another decline on the same day, according to CoinGecko.
Things weren’t looking much better for the sixth, seventh, and eighth largest cryptocurrencies by market cap. According to CoinMarketCap, XRP fell to $0.3217, Cardano (ADA) to $0.4279 and Solana to $30.15. That marks new lows over the past year for Cardano and Solana, sending XRP dancing near its 365-day low of $0.31, recorded in June.
The declines come as financial analysts and commentators predicted a tough Monday for the stock market. Trading platform provider IG Group reported significant “tremors in the US futures market” on Twitter and advised investors to “put on your tin hats”.
Many attributed the decline to fears of aggressive Federal Reserve rate hikes, which Powell promised last week. The market closed 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 held over the weekend.
The stock market activity tracker on the website of Nasdaq, the largest online marketplace for securities trading, showed red arrows pointing down across the board 12 hours before the US stock market opened Monday.
Nasdaq activity tracker.
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