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Bitcoin, Ethereum Drop as Traditional Markets Skid Into New Week

29 Aug, 20222 min readBitcoin
Bitcoin, Ethereum Drop as Traditional Markets Skid Into New Week

Several key cryptocurrencies fell dramatically Sunday evening as traditional markets dropped heading into a new trading week.

Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Solana, and meme coin Dogecoin (DOGE) all saw values fall sharply within a two-hour window as the sun set on the U.S. East Coast, many logging drops of over 3% over the prior 24 hours.

Bitcoin fell to $19,617 on Sunday evening, below the last dip to $17,760 seen on July 18, according to CoinGecko. The decline continued a slide that began Friday, which brought brief hope of a recovery when BTC hit $21,743.

Ethereum, meanwhile, dipped to $1,431, a low not seen since July 26. Similarly, Dogecoin fell to $0.06154, where it was during coming out of another dip that same day, per CoinGecko.

The declines came as financial analysts and commentators predicted a rough Monday on the stock market. Trading platform provider IG Group reported distinct "jitters in the U.S. futures market" on Twitter, advising investors to "get your tin hats on."

Disctinct jitters in the US futures markets here....#DOW 31996 -0.90%#SPX 4014 -1.08%#NASDAQ 12430 -1.42%#RUSSELL 1868 -1.24%#FANG 5331 -1.40%Get your tin hats on.— IGSquawk (@IGSquawk) August 28, 2022

Many attributed the slide to fears of aggressive U.S. Federal Reserve rate hikes promised by Powell last week. The market closed down across the board on Friday, CNBC reported, with the Dow Jones Industrial Average falling over 1,000 points.

At least some of that downward pressure appears to have carried through the weekend.

And we are off… — Tom Hearden (@followtheh) August 28, 2022

This is a developing story and is being updated frequently.

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