Leading cryptos such as BTC and ETH have lost nearly 5% over the past day, stretching their plummets to 15% each. Alts in the top 15 crypto-list by value, including Solana, XRP, Polkadot, Terra, and Avalanche, tumbled around 9% within the past day, bringing their weekly losses up to 30%.
The crypto market sustains massive pressure amid sharp declines over the past week. The downturn emerged due to escalated geopolitical tensions in Ukraine and Russia, bond yield surges, increasing energy prices, and red hot inflation.
The past 24 hours saw the global market capitalization losing more than 5% to $1.85 trillion. Remember, the metric hovered above $2.05 trillion one week ago. The cryptocurrency market sees massive volume amidst such situations.
OKX research team sad that Tuesday’s U.S CPI (Consumer Price index) contributed to the crypto market crash.
Leading crypto assets like BTC and ETH have lost near 5% over the past day, stretching their weekly losses to 15% each. Meanwhile, alts in the top 15 crypto-list like Terra, Solana, Avalanche, XRP, and Polkadot lost up to 9% over the past day, suffering around 30% price falls over the past week.
Meme coins such as Shiba Inu and Dogecoin also saw downward pressure. DOGE lost 10% over the past week despite Elon Musk’s support. SHIB dropped 16% in the same timeframe.
5ire CEO Pratik Gauri stated that cryptocurrencies see a winter following each recovery. He attributes the losses to the Russia-Ukraine war and the West’s reaction to it. Gauri added that the factors would continue influencing the crypto markets. Other market players believe taxation obligations over the past weeks catalyzed the intense sell-off.
Market enthusiasts trust BTC would take more time to hit the $50K due to its current condition. They believe the crypto will hover at the $40K mark. Nevertheless, experts accept dip-buying ideas.
Gauri advised investors to target long-term investment goals. He added that most individuals surrender to FOMO when purchasing crypto.
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