The global cryptocurrency market cap fell 2.4% to $944.4 billion as of Sunday night, below the psychologically significant $1 trillion mark.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2% | -8.8% | $19,614.09 |
| ether ETH/USD | -4.1% | -11.5% | $1,429.09 |
| Dogecoins DOGE/USD | -3.1% | -11.2% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| eCash (XEC) | +25.6% | $0.00005 |
| synthesis (SNX) | +2.8% | $2.98 |
| pancake swap (CAKE) | +2.3% | $3.8 |
See also: How to get free crypto
Why it matters: Bitcoin was trading below the $20,000 mark and Ethereum was trading below $1,500 at press time. The two largest coins by market cap are down 3.2% and 5.2% since the close on Friday.
The sale was on Friday triggered after U.S federal reserve chair Jerome PowellSpeech at the annual Jackson Hole Symposium.
Powell said: “Reducing inflation is likely to require a persistent period Below trend growth” – adding: “The role of the Federal Reserve remains on until the job is done.”
The central bank governor said restoring price stability may require “maintaining a restrictive policy stance for some time”.
Powell’s words began an escape among risky assets on Friday that has yet to subside. At press time, the S&P 500 and Nasdaq futures are down 1% and 1.5%, respectively.
“Bitcoin weakened after Fed Chair Powell didn’t bat an eyelid with his reiteration that the Fed will tighten policy to lower inflation. Risky assets are struggling as Powell’s fight against inflation will remain aggressive even if it triggers an economic slowdown,” said OANDA Senior Market Analyst Edward Moyain a note Benzinga saw.
While Bitcoin’s testing of $19,000 seemed “inevitable.” Michael van de PoppeThe cryptocurrency trader said those waiting for the $14,000 worth of bitcoin are unlikely to see it.
He said,…
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