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Stocks linked to cryptocurrency exchanges and technology investments have also taken serious hits as well.
More than $1 billion was liquidated from the crypto-leveraged market as Bitcoin price teased below $50K for the first time since February.
Popular Bitcoin critic Peter Schiff also predicts a major downfall in the Bitcoin ETF market on Monday. He expects a gap down of nearly 15-30% on Monday, as the US market goes live for trading.
According to some analysts and market observers, the Japanese market swung into a state of panic after the Bank of Japan announced its decision to raise interest rates.
Ethereum price has dropped below crucial support levels in the recent past, indicating further midterm weakness.
Bitcoin price could drop further in the coming weeks after several rejections around $70K, coupled with bearish divergence on the weekly RSI.
Ethereum’s performance is particularly reflective of current market sentiments.
The team stated that they are “actively working” to ensure a seamless distribution of the tokens to eligible users, although the exact timeline for the airdrop remains uncertain.
The positive inflow is attributed primarily to a reduction in withdrawals from Grayscale’s Ethereum Trust (ETHE).
The notable movement of the US government’s Bitcoin holdings amid upcoming FOMC statements has fueled BTC’s bearish sentiment.
The SEC is changing its previous position, specifically regarding the classification of various digital tokens.
At the forefront of this positive trend are BlackRock’s ETHA and Fidelity’s FETH which both saw considerable amounts of capital inflow last week.
The Bitcoin fear and greed index rallied to 74 on Monday as the underlying value spiked above $69k for the first time since early June.
Meanwhile, the 11 spot Bitcoin ETFs in the US have continued to see rising demand. Since their launch in January, these funds have accumulated a net inflow of $17.54 billion.
Bitcoin dominance has gradually risen beyond 56 percent following the poor performance of the spot Ether ETFs in the past three days.