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- Bitcoin experienced a decline of 16% as its price fell below $50k in the past 24 hours, while Ethereum dropped by more than 23%.
The cryptocurrency market encountered a notable decrease in value as investors continued to move away from high-risk investments.
Bitcoin was at the forefront of the downturn with a 16% drop, falling below $50,000 in the last 24 hours, while Ethereum saw a decline exceeding 23% and is currently trading at $2,230. As per CoinStats, the overall market capitalization has decreased by 11%, now standing at $1.84 trillion.
BTC Price Chart | Source: CoinStats
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This downturn in cryptocurrencies has coincided with a wider decline in equity markets across the Asia-Pacific region. Japan’s Nikkei 225 index fell by 10%, extending losses from the prior week, following the Bank of Japan’s announcement of an increase in its benchmark interest rate to a 16-year peak.
At the time of writing, the leading cryptocurrency has made a partial recovery, trading at $51,900, down 27% over the past week, with its market capitalization reduced to approximately $1 trillion.
Additionally, it was reported that $1,000,000,000 was liquidated from the cryptocurrency market within the last 24 hours.
The stock market also faced a decline last week, partly due to disappointing earnings, a weaker-than-anticipated jobs report, rising unemployment, and a contracting manufacturing sector.
The U.S. Federal Reserve opted to maintain its benchmark interest rate and did not indicate a rate cut for September, which many market analysts had anticipated. Typically, lower interest rates are associated with improved performance of riskier assets.
