In accordance with Finbold, the global cryptocurrency market experienced a sharp downturn on Wednesday, erasing $140 billion in value within five hours. Between 2:00 PM and 7:00 PM UTC, the total market capitalization fell from $3.54 trillion to $3.40 trillion. Leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) posted notable losses, with Bitcoin slipping 1.83% to around $101,265 and Ethereum falling 1.64% to $3,397.55. Altcoins like XRP and Solana (SOL) also saw significant declines. The sell-off is attributed to uncertainty over U.S. monetary policy and the recent government shutdown, which delayed key economic data. Morgan Stanley strategist Denny Galindo warned that Bitcoin has entered its 'fall season,' suggesting potential further declines. Despite the downturn, U.S. spot Bitcoin ETFs now manage over $137 billion, reflecting continued institutional interest.
Crypto Market Loses $140 Billion in 5 Hours Amid Volatility
FinboldShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.