Crypto Market Takes a Tumble as Bitcoin, Ethereum, and Dogecoin Prices Drop

1: bitcoin was trading for $16,813 at the time of writing according to coingecko, a 1.2% 24-hour drop. the nasdaq 100 was down 2%, and the s&p 500 was set for its fourth losing day in a row. digital assets have been correlated with u.s. equities this year, and when the federal reserve has raised interest rates, investors have sold risk assets, including tech stocks, bitcoin and other digital assets. in may, crypto project terra crashed, leading to a brutal sell-off. at the start of last month, ftx, one of the biggest digital asset exchanges went bust, scaring investors away from an already volatile market.

2: ethereum is down today by over 2%, trading hands for $1,229. ethereum is down 74% from its all-time high of $4,878. dogecoin has been hit the hardest today, trading at $0.095 at the time of writing—a 4.2% 24-hour dip. dogecoin is down 6.6% in the past seven days. negative news from bank bosses caused investors to shift risk assets, and speculation that elon musk, who frequently tweets about the meme coin, might include it in his twitter plans.

3: bitcoin sharply dropped from $17,046 to $16,750 in just two hours—a level not experienced since the end of november. other factors have weighed hard on assets like bitcoin and ethereum. the federal reserve’s aggressive monetary policy and the negative news from bank bosses have caused investors to shift their risk assets away from digital assets. additionally, the crash of crypto project terra and the bust of ftx have scared investors away from an already volatile market.

By Evey Lovelace

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