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The cryptocurrency market fell on Sunday, as investors continued to sell risky assets.
The total value of cryptocurrencies has fallen by about $270 billion, according to CoinGecko data, led by an 11% drop in bitcoin over the past 24 hours and a 21% drop in ether.
The sell-off in cryptocurrencies coincided with a broader slide in stocks across Asia-Pacific markets. Japan’s Nikkei 225 index fell about 7%, extending losses that began last week after the Bank of Japan said it would raise its benchmark interest rate to a 16-year high.
In the US, the Nasdaq fell 3.4% last week into correction territory, ending the technology-based index’s worst three-week run since September 2022, when the market was in free fall. Amazon And Nvidia Contribute to the declines.
Last week’s stock decline was partly due to disappointing earnings, a weaker-than-expected jobs report, rising unemployment and a manufacturing slowdown. The U.S. Federal Reserve chose to keep its benchmark interest rate steady and did not promise a rate cut in September, which many market experts had priced into their forecasts. Lower interest rates tend to be associated with better performance for riskier assets.
BitcoinBitcoin has hit its lowest level since February. The world’s largest cryptocurrency is trading at around $54,000. It’s still up about 23% this year.
price etherBNB, the native token that powers the Ethereum blockchain, has dropped to around $2,300, erasing its gains for the year. Binance’s BNB token is down more than 15% Solana It is trading down 10%.
Investors are also awaiting fresh trade data from China and Taiwan this week, as well as central bank decisions in both India and Australia.
More investors will feel the recent pullback in cryptocurrencies after the Securities and Exchange Commission approved new exchange-traded funds for bitcoin and ether this year. The ETFs have seen hundreds of millions of dollars flow into the coins. On Friday, CNBC reported that Morgan Stanley will soon allow its 15,000 financial advisors to offer bitcoin ETFs to their clients, a first for Wall Street.
WATCH: Bitcoin Volatility Amid Massive Market Sell-Off
