Bitcoin was not spared as global markets tumbled on Monday. Investors are spooked by several worrying developments. Outflows of DeFi tokens have increased.
Crypto is not a market for the faint of heart, but even diehard investors whitewashed it on Monday as Bitcoin and other tokens gave back months worth of gains.
Bitcoin has fallen nearly 18% in the past 24 hours, falling below $50,000 during UK afternoon trading, before recovering to $50,143. And skidded 24% according to Ether CoinGecko.
Total market value for the sector fell 17% to $1.8 trillion.
Solana tumbled
This year's crypto darling, Solana, also got swept up in the selloff.
In the first seven months of 2024, Solana's SOL token rose 76%, easily dwarfing Ethereum's 44% run-up during that period.
But in the past seven days SOL, the fifth most valuable cryptocurrency, has sunk 42% compared to Ether's 35%.
However, it's no surprise that investors like stalwarts like Bitcoin and Ether during turbulent cycles.
But even the advent of Ethereum exchange-traded funds launched in the US on July 23 did not prevent the second most valuable cryptocurrency from sliding to $2,279, 44% from its 2024 peak in March.
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While crypto wasn't the cause of this crash — no FTX-like scandal, no Terra-like meltdown — it's cold comfort to investors feeling too groovy about crypto's bounceback year.
With a historic sell-off in Japan's stock market and worries about a slowing U.S. economy, there is something close to panic in global markets.
And crypto, a “risk-on” asset that depends heavily on the macroeconomic forces it needs to eliminate, has been dragged into the maelstrom.
Here's how other top cryptocurrencies fare:
BNB
BNB, the exchange token of Binance crypto exchange, has lost 17% of its price in the last 24 hours to trade at $436. It is down 25% in the last seven days.
XRP
Ripple-linked XRP is trading at $0.456, down 17% in the last 24 hours. It is down 23% in the last seven days.
Lido Stacked Ether
Shares of Lido Ether Solution have fallen 22% in the past 24 hours to trade at $2,263, the biggest loss in the past day. It is down 31% in the last seven days.
Toncoin
Toncoin is trading at $5.19, down 13% in the last 24 hours.
It is the top 10 cryptocurrency that has lost its lowest price in the past day.
It is down 22% in the last seven days.
Dogcoin
Dogecoin is trading at $34.90, down 20% in the last 24 hours. It is down 35% in the last seven days.
Cardano
Charles Hoskinson's Cardano is trading at $0.296, down 17% in the last 24 hours. It is down 28% in the last seven days.
TRON
Crypto celebrity founder Justin Sun's TRON is trading at $0.119, down 15% in the last 24 hours.
However, by losing only 14% of its value in the last seven days, TRON lost its lowest price in the top 10.
Eric Johnson News' News Editor. Got a tip? Email at [email protected].
Related TopicsEthereumBitcoinSolana