Cryptocurrencies continue to slump as sentiment towards risk assets turns increasingly bearish.
Bitcoin (BTC), the biggest crypto by market capitalization, is beginning the trading week down 2% in the past 24 hours and trading at just over $83,000 U.S.
However, smaller cryptocurrencies are down even more, with XRP (XRP), Solana (SOL), and Cardano (ADA) each down 5% or more in the last day.
Cryptocurrencies trade around the clock – 24 hours a day, seven days a week.
Analysts note that Bitcoin continues to face resistance at $84,000 U.S., making it a key level to cross for an extended rally or meaningful leg higher.
The crypto market continues to sink amid a broad selloff in U.S. stocks due to trade tariffs and deteriorating macroeconomic conditions in America.
Concerns about an impending U.S. recession are growing, sending equities and crypto lower. Trading in meme coins such as Dogecoin (DOGE) also remains volatile.
Traders say the current selloff could have been caused by an unwinding of Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) with strong selling in recent days.
While crypto bulls are advocating that investors “buy-the-dip” in cryptocurrencies and take advantage of the current pullback, many people appear to be staying on the sidelines for now.
Other analysts are urging caution, saying that volatility is likely to remain in U.S. markets over the near-term.
