Against the backdrop of mounting pressure on the stock markets on Wednesday, September 28, cryptocurrencies were once more in the negative territory.
The price of bitcoin dropped below $18,700 and is still trading at a two-week low. The price of ether dropped to $1282. The largest altcoin’s appeal did not increase as a result of the Merge fork, and it has been declining since mid-September.
XRP and Solana, two of the top ten cryptocurrencies, suffered the most losses. The value of these digital currency decreased by nearly 10% to $0.423 and $0.059, respectively. The market value dropped to $915.86 billion.
Following a minor easing last Tuesday, pressure is once again rising in the stock markets. Commodity prices are plummeting along with the price of Asian IT company shares, but the dollar index is sticking to a 20-year high.
Since the start of 2022, the MVIS CryptoCompare Digital Assets 100 indicator, which monitors the performance of the top cryptocurrencies, has decreased by 60%.
Digital currencies connect with stocks, says Stephan Ouelette, CEO of FRNT Financial. As a result, the exodus of speculative money from the IT sector will undoubtedly lead to a revival of unfavourable sentiment in the cryptosphere.
