Cardano, Solana, LUNC Plummet, Why Is Crypto Crashing Today
The crypto market took another dive yesterday and is crashing. The total crypto market cap has fallen back to $924 billion and continues to drop. Bitcoin has fallen below the $19K mark again and is currently trading at $18,913. Ethereum continues to plummet and is very close to falling below the $1.3K mark again. It is currently trading at $1308.
Cardano is one of the biggest losers of the crypto crash. It broke its upward movement and has fallen over 2% to $0.446. Terra Classic (LUNC) takes an even steeper dive and has fallen close to 16% in the last 24 hours. LUNC has fallen over 30% in the last 7 days. Solana is down by over 3% in the last 24 hours and is trading at $32.53. Meanwhile, DOGE has fallen close to 3% and is trading at $0.06157.
Why Is Crypto Crashing
The crypto market is crashing as the greenback currency, US Dollar, continues to show incredible strength. The U.S. Dollar Index or DXY increased by another 0.64% to reach 113.92. The US bond yields climbed as a result and the stock market took a dip.
S&P 500 slid by 1.72% and NASDAQ fell by 1.66%. The crypto market is strongly correlated with the general broader market. It is especially correlated with the tech-oriented NASDAQ 100.
The dollar’s strength is destroying other global currencies including the British pound. It is also causing damage to the risk assets market such as a crypto crash.
Meanwhile, the Fed continues its hawkish stance against inflation. Its quantitative tightening is the biggest reason for the dollar’s strength. The global economies are also bracing for a recession as the Fed continues to underestimate the slowdown in the economy.
Key Events To Watch
The upcoming speech of Key Fed officials will impact the crypto market. Susan Collins of Boston Fed, Raphael Bostic of Atlanta, and Loretta Mester of Cleveland are due to speak today. Fed chair Jerome Powell will speak on Tuesday.
As the Fed officials will speak on further monetary policy, it can impact the crypto crash.
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
