The entire market crashes further as BTC drops below $26,000 thanks to the rising inflation, the falling tech stocks, and the other macro factors so let’s have a closer look at our latest altcoin news today.
Investors in stocks and in crypto are making it clear over the past month that we are in a risk-off environment. BTC, ETH, and other leading cryptocurrencies dropped further over the weekend and erased mild gains that were made during the week before. The global market cap is down to $1.03 trillion or 7.5% in one day. BTC is down 18% in the past week and even hit $26,000 which is the lowest point in the past 12 months. Ethereum fared worse and got down by 28% after a successful merge test on the Ropsten Testnet.
It wasn’t just BTC and ETH as every single one of the top 20 coins by market cap dropped by double-digit percentages in the past week. BNB is down by 22% in the past week and ADA is also down by 24%. Solana dropped by 31%, DOGE by 28%, Avalanche by 35%, Polygon by 25%, and DOT by 28%. The crypto market was not looking steady all year as the entire market crashes further today. The crypto winter started during the early weeks of May when the major coins dropped along with the stock market. The Terra ecosystem went down in sales as well and since then, the tech stocks continued to take a beating and the rest of the coins dropped further. The slide enhanced this past week alogn with the CPI reading in May which showed consumer goods prices increasing 8.6% compared to May 2021 which is the highest inflation figure since 1981.
BTC was pitched as a hedge against inflation but didn’t behave like one in 2022 and in January this year, it hit the highest level of correlation with the s&P500 and NASDAQ since 2020. right now, the crypto and tech stocks are falling together hand in hand.
As recently reported, The AXS price risk more losses as it already dropped by 90% from the $172 level in November 2021. AXS sharp correction made it one of the worst-performing assets among the top-ranking cryptocurrencies and it can even undergo mroe declines in the upcoming months according to the mix of technical and fundamental catalysts.
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