Markets: Bitcoin back below $20,000 as Ether leads losses in top 10 cryptos

Bitcoin fell below $20,000 in early morning trade on Monday in Asia after breaking through that support line overnight, while Ethereum led the losers among the top 10 cryptos by market cap, all trading lower.

See related article: Markets: Bitcoin Falls Below US$20,000; Ether, ETC fall after the merger

Fast facts

  • Bitcoin fell 3.4% over the past 24 hours to US$19,436 at 8am in Hong Kong, while ether (ETH) fell 8.9% to US$1,337 – its lowest level since July 18 – according to CoinMarketCap. Solana also fell 7.5% to $31.14, while Cardano lost 7.8% to trade at $0.44. The world’s leading memecoin, Dogecoin, fell 7.3% on a change of hands to $0.057.

  • Ethereum Classic (ETC), the original network from which ETH was forked, was trading 14% lower at US$29.61. ETH is down 24% over the past seven days, while ETC is down 22.8% in a selloff following the highly anticipated “Merger” that happened last Thursday. The two networks had made significant price gains in the run-up to the event, but much of those gains have since evaporated.

  • US stocks closed lower on Friday. The Dow Jones Industrial Average fell 0.5%, the S&P 500 index fell 0.7% and the Nasdaq Composite Index closed the day down 0.9%.

  • Investors are eyeing the upcoming US Federal Reserve meeting this week from September 20-21, where it is expected to raise interest rates by a further 75 basis points in its ongoing campaign to tackle inflation.

  • Market analysts at CME Group predicted an almost 40% chance of an increase of 100 basis points on the heels of higher-than-expected inflation data in August released last weekbut they have since reduced that probability to 18%.

  • US Federal Reserve officials have repeatedly affirmed their commitment in recent months to raise interest rates until inflation is brought under control. However, the World Bank warned last week The Federal Reserve’s effort to tackle inflation in this way risks the global economy slipping into recession by 2023.

See related article: SEC’s Gensler says proof-of-stake cryptocurrencies may be securities

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