Bitcoin and pepe Crash in Market Crash, sui Rises 14%
Analysts who predicted that spot Bitcoin ETF approval in the US could become a “Sell the News” event got the math right. Enthusiasm for Bitcoin ETFs appears to be waning as nervous investors continue to unload their crypto holdings.
According to CoinGlass data, more than $272 million in crypto long positions from investors who bet on prices to rise have been wiped out in the last 24 hours.
The losses come at a time when the market is disrupted as major digital asset prices have fallen sharply in the last 24 hours. After hitting a 19-month high above $48,600 earlier this month and trading above $46,000 levels on Friday, the OG cryptocurrency Bitcoin is down nearly 7% to $42,815. While Bitcoin’s market value dropped to $839 billion, transaction volumes in the last 24 hours increased by over 1% to $44.4 billion.
After rising with the Bitcoin ETF wave, Ethereum (ETH) prices fell almost 2% in the last 24 hours to $2,544, dropping its market value to $305.7 billion. Transaction volume increased by 66% in the last 24 hours, reaching 24.7 billion.
Smaller tokens have also seen price declines; BNB is down 4.5%, solana (SOL) is down 6.5%, XRP is down 4%, Cardano (ADA) is down 6%, and Avalanche (AVAX) is down 8%. Popular memecoins like dogecoin and Shiba Inu are down more than 4% each.
The subdued sentiment was also reflected in the global crypto market cap, which fell nearly 5% to $1.68 trillion. The fear and greed index level stood at 63, indicating that investor sentiment is in the summer season.
Top 3 Cryptocurrencies For Today
Pepe Price Dropped by 7.5%
Prices of the frog-themed memecoin Pepe have fallen by over 7.5% in the last 24 hours, falling to $0.000001227. Market capitalization fell to $516 million, while transaction volumes fell by over 25% to $157 million.
Pepe Price Table
SUI Price Increases 14%
SUI, the native token of the Sui blockchain network, has increased by over 14% in the last 24 hours. While the price of SUI was at $1.24 at the time the news was written, its market value increased to $1.36 billion. Trading volumes increased by 13% in the last 24 hours, indicating increased retail interest in the digital asset.
SUI price chart
bonk Price Dropped Approximately 13%
The price of Solana-based meme coin BONK dropped nearly 13% in the last 24 hours to $0.00001365, dropping its market cap to $865 million. Transaction volumes in the last 24 hours also decreased by over 30% to $284 million.
BONK Price Chart, All Image Sources: CoinMarketCap
Also Read: Vanguard Steps Up Fight Against Bitcoin ETFs, Here’s What’s Happening
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