Home Business Market update: Crypto takes a hit, fears rise, Bitcoin below $26k

Market update: Crypto takes a hit, fears rise, Bitcoin below $26k

The crypto market is hit hard: Bitcoin, XRP and the top 100 fall sharply

The crypto market rallied strongly this week. It all had to do with Grayscale’s victory in the lawsuit against the US Securities and Exchange Commission (SEC) over a bitcoin exchange traded fund (ETF).

Therefore, there was hope that the SEC would approve one or more applications for a Bitcoin ETF, or exchange fund, this week. However, as expected, the regulator decided to postpone the decisions. Up to seven decisions have been delayed, including Blackrock’s motion. The next round will take place in mid-October.

The total cryptocurrency market cap is down 3.4% to $1.05 trillion compared to 24 hours ago. Trading volume increased 31.6% to $37.9 billion over the same period. Bitcoin dominance over altcoins drops to 48.3% The popular sentiment indicator, the Fear & Greed Index, falls from 52 to 40, a sign that fear is on the rise.

Bitcoin falls back below $26,000

Bitcoin (BTC) shot from $26,000 to $28,000 on Tuesday after Grayscale’s win. A day later, bitcoin fell back to $27,000 and due to yesterday’s ETF news, the price even fell back to $26,000.

Bitcoin even briefly fell to $25,675 last night and the price seems to be struggling to sustain above $26,000 this morning. At the time of writing, BTC price is $25,980 on Bybit and $23,935 on Bitvavo. Bitcoin is therefore down 4.6% today.

Unfortunately, September, even more so than August, is historically a red month for bitcoin price.

Many analysts are therefore expecting a retest of the recent low around $25,000 soon.

Ethereum price falls

Ethereum (ETH) has been swept up in sentiment but is falling a little less sharply. Still, ETH loses traction at $1,700 to only reach $1,630. At the time of writing, ETH is hovering around $1,645 and is down 3.5% today.

Tron and Toncoin climb into the top 10 red cryptocurrencies

We have two green exceptions in the top 10 today. Tron (TRX) skyrocketed last night and continued to climb throughout the night. At $0.77, TRX is up 1.4% today. Toncoin (TON) posted an even stronger gain yesterday but is slightly down this morning. Still, TON is up 2.2% today at $1.72.

However, the rest of the top 10 turns quite red. Cardano (ADA) is currently holding its best, but is still down 3.4% today at $0.256. Ripple (XRP) is down 3.8% back to $0.505. Binance Coin (BNB) is at $213.7 and is already down 4.5%. Dogecoin (DOGE) is also down 4.5% to $0.063.

Solana (SOL) even falls 4.7% to $19.8. Polkadot (DOT) loses a whopping 5.4% of its value to trade at $4.25. However, Polygon (MATIC) is the biggest loser among the top 10, falling 5.8% to $0.547.

The top 100 cryptocurrencies are also taking a big hit

The top 100 are also full of red prizes today. The biggest losers are Phantom (FTM), Theta (THETA), Pepe (PEPE), Stacks (STX), Graph (GRT), Ecash (XEC) and Litecoin (LTC), all down around 6%. Bitcoin Cash (BCH), Filecoin (FIL), Render (RNDR), Optimism (OP) and Rollbit Coin (RLB) even lose 7% of their value.

However, we have one exception: Manufacturer (MKR). MKR price made a big jump yesterday and managed to hold up strong for the rest of the day despite the falling market. At $1,150, MKR is up 5.6% today. According to the analysis company Santiment, this is due to major investors who have recently moved in.

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