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Ziddu » News » Business » Crypto Markets Continue Downwards Spiral
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Crypto Markets Continue Downwards Spiral

John NorwoodBy John NorwoodJune 20, 20243 Mins Read
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Crypto Markets Continue Downwards Spiral
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The crypto market is in pretty bad shape, with the biggest crypto tokens showing significant drops in prices. Take reigning cryptocurrency Bitcoin, for instance. Its price fell to $64.5K, its lowest since mid-May of this year. This latest drop marks a consistent drop over the last 12 days. Altcoins don’t have it any easier, with Solana going down by over 20 percent in just 12 days. Even popular altcoins ETH and DOGE have recorded notable drops. If this doesn’t start making AI trading bot users, including those using the reliable Quantum Income PRO, nervous, I don’t know what will.

Solana’s Value Falls Hard

Despite its favorable performance, Solana is currently in the pits. It lost over a fifth of its value in less than two weeks. On what we’re calling its worst day, it dropped more than 11% intraday before recovering slightly. This rapid sell-off is signals that the market’s sentiment is moving away from altcoins. Sure, there are hopes that the market might turn like it did in April, but AI crypto trade bots aren’t holding out for any miracles.

Rising Tensions Because Of Regulatory Scares

It’s not just altcoins that are having a hard time – take a look at crypto funds, too. Last week, AI bot trading investors pulled out over $600 million from crypto funds because of the recent scare. Bitcoin funds alone lost $621 million, while Ethereum funds got lucky and managed a $13 million gain. Grayscale’s Bitcoin ETF saw significant outflows of $273 million.

In regulatory news, the Australian Securities Exchange is set to start trading the first spot Bitcoin ETF from VanEck on June 20. This move is seen as a significant step for the crypto market in Australia. Meanwhile, in the U.S., the SEC has agreed to reduce Ripple’s fine for violating securities laws from $2 billion to $102.6 million, responding to a request from Ripple’s lawyers who argued that the original fine was excessive.

DeFi and Market Sentiment

The DeFi sector is also experiencing fluctuations. The total value of locked assets in the TON network has surpassed $605 million, positioning it as the 15th largest DeFi ecosystem. This growth indicates that while the broader market is struggling, there are pockets of resilience and growth within the crypto space.

BTC and Altcoins Struggle

If we’re counting losses, it’s fair to point out that BTC only declined by a percent. That’s not so bad compared to altcoins like ETH, which dropped by 3.3 percent, and SOL, which fell by 7.8 percent. Meanwhile, popular memecoin DOGE took the biggest hit, plummeting by 9.2 percent.  Early Asian trading sessions have been particularly harsh, now that markets are showing bearish sentiment. Even though Bitcoin tried to stabilize its value near the 50-day moving average, the overall sentiment is the same: AI trade bot investors are scared.

Looking Ahead

The ongoing retreat in the crypto markets highlights the sector’s volatility and the impact of shifting investor sentiment. High interest rates and economic uncertainties are driving investors towards safer assets, leaving cryptocurrencies to bear the brunt of the sell-off. However, the upcoming launch of new financial products and regulatory adjustments might offer some hope for recovery. As always, the crypto market remains unpredictable, with potential opportunities and risks lying ahead.

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John Norwood

    John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.

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