Markets for cryptocurrencies are in the dark. The most widely used cryptocurrencies, including Bitcoin, Ether, Solana, and Cardano, have lost ground. Shiba Inu and Dogecoin, two meme coins, decreased by up to 12%. Volatility has also been seen with stablecoins.
As traditional markets slumped ahead of a new business week, several significant cryptocurrencies notably experienced sharp declines Sunday night.
The prices of Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Solana, and meme coin Dogecoin (DOGE) all declined sharply over the course of a two-hour period when the sun set over the United States.
On the East Coast, there have been numerous logging decreases of more than 3% in the last day.
According to CoinGecko, Bitcoin dropped to $19,617 on Sunday night, under the previous low of $19,323 reached on July 13.
BTC momentarily climbed to $21,743 on Friday, which raised the possibility of a recovery, but the drop resumed on Saturday.
Meanwhile, Ethereum dropped to $1,431, a level not reached since July 26. The same day, Dogecoin experienced a similar decline, reaching $0.06154, according to CoinGecko.
The sixth, seventh, and eighth-largest cryptocurrencies by market cap didn't appear to be doing any better.
Based on data by CoinMarketCap, XRP dropped to $0.3217, Cardano (ADA) to $0.4279, and Solana to $30.15.
Cardano and Solana both have had new lows in the past year. Meanwhile, XRP is now hovering around its June 365-day low of $0.31.
Financial analysts and observers forecast a difficult Monday on the stock market, which brought about the declines.
The I.G. Group, a provider of trading platforms, tweeted about "jitters in the U.S. futures market" and advised investors to "get their tin hats on."
Many others blamed the decline on worries about the aggressive U.S. Powell promised rate increases from the Federal Reserve last week.
According to CNBC, the market ended the day lower overall, with the Dow Jones Industrial Average losing more than 1,000 points. That negative pressure seems to have persisted, at least over the weekend.
As the market opened on Monday, traders saw that something was off. The U-shaped pattern displayed by Nasdaq's trading activity tracker meant there were sell orders all over town - just not enough to satisfy investors' demands.
In particular, 12 hours before the U.S. stock market was scheduled to start on Monday, the stock market activity tracker on the website of Nasdaq, the largest online securities trading marketplace, displayed red, with downward-pointing arrows all over the board.