Bitcoin and Ethereum drop as traditional markets slip into a new week

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

Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Solana and the meme coin Dogecoin (DOGE) all saw their values ​​drop sharply in a two-hour window as the sun set on the US east coast. US, many logging drops of more than 3% in the previous 24 hours.

Bitcoin fell to $19,617 on Sunday evening, below the last plunge to $19,323 seen on July 13, according to CoinGecko. The decline continued a slide that began on Friday, which brought some brief hope for recovery when BTC briefly hit north at $21,743.

Ethereum, meanwhile, fell to $1,431, a low not seen since July 26. Similarly, Dogecoin fell to $0.06154, as it emerged from another decline on the same day, per CoinGecko.

Things weren’t much better for the sixth, seventh, and eighth largest cryptocurrencies by market capitalization. XRP fell to $0.3217, Cardano (ADA) to $0.4279 and Solana to $30.15, according to CoinMarketCap. This marks new lows over the past year for Cardano and Solana, and leaves XRP dancing near its 365-day low of $0.31 seen in June.

The declines come as financial analysts and commentators predicted a tough Monday in the stock market. Trading platform provider IG Group tweeted “separate concerns in the US futures market”, advising investors to “put on your iron hats”.

Many attributed the decline to fears of aggressive rate hikes from the US Federal Reserve promised by Powell last week. The market closed in all areas on Friday, CNBC reportedthe Dow Jones Industrial Average falling over 1,000 points.

At least some of this downward pressure appears to have continued through the weekend.

The stock market activity tracker on the website of the Nasdaq, the largest online securities trading market, showed red arrows pointing down twelve hours before the U.S. stock market opened on Monday.

The Nasdaq activity tracker.

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