Bitcoin, ether stagger as US stock sell-off weighs on cryptocurrencies
Cryptocurrencies experienced a decline, with Bitcoin falling over 3% and Ether dropping as much as 6%, due to fears stemming from a sell-off in US equities. This downturn occurred despite recent efforts by former US President Donald Trump to support the cryptocurrency industry, suggesting that macro-economic factors are currently outweighing specific industry endorsements.
The initial cryptocurrency declines mirrored a broader sell-off in US equities, particularly in the technology sector, with the Nasdaq 100 Index experiencing its worst day since October 2022. This market jitters were fueled by Trump's warnings of potential "disturbance" from trade wars, leading strategists to increase the odds of a US economic downturn. According to FalconX Global, the crypto market, having already priced in Trump's pro-crypto initiatives, is now more vulnerable to broader economic risks.
via SCMP Full Text Feed
Cryptocurrencies experienced a decline, with Bitcoin falling over 3% and Ether dropping as much as 6%, due to fears stemming from a sell-off in US equities. This downturn occurred despite recent efforts by former US President Donald Trump to support the cryptocurrency industry, suggesting that macro-economic factors are currently outweighing specific industry endorsements.
The initial cryptocurrency declines mirrored a broader sell-off in US equities, particularly in the technology sector, with the Nasdaq 100 Index experiencing its worst day since October 2022. This market jitters were fueled by Trump's warnings of potential "disturbance" from trade wars, leading strategists to increase the odds of a US economic downturn. According to FalconX Global, the crypto market, having already priced in Trump's pro-crypto initiatives, is now more vulnerable to broader economic risks.
via SCMP Full Text Feed
