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Crypto Market Stumbles: Bitcoin and Ethereum Suffer Downturn

Crypto Market Stumbles: Bitcoin and Ethereum Suffer Downturn

During Monday’s trading operations in Asia, Bitcoin, along with Ether and the majority of the top 10 non-stablecoin cryptocurrencies, experienced a decline. Tron was the only exception to this trend. Toncoin suffered the most significant drop among them. 

This downturn in the global cryptocurrency markets comes in the wake of the U.S. Federal Reserve’s September meeting, where indications of another interest rate hike before the year’s end were given. This suggests that interest rates will stay elevated for a longer period than previously expected.

Crypto Market Saw Red Today

Bitcoin has seen a decrease of 1.44% over the past 24 hours, bringing its value down to $26,033. This decline contributes to a total weekly loss of 2%, as per data from CoinMarketCap. Over the weekend, Bitcoin was trading above the $26,500 mark, but it failed to maintain this support level and dipped early Monday morning.

Crypto Market Saw Red Today

Ethereum also experienced a downturn. It fell by 0.69% to $1,580 in the last 24 hours, and by 3.27% over the week. This marks the first time Ethereum has dropped below the $1,600 support level since last Thursday.

EIP-4844, also referred to as the Ethereum Cancun Upgrade, is a suggested enhancement to the Ethereum network to increase its speed and cost efficiency.

On Saturday, the average transaction fee on the Ethereum blockchain fell to approximately $1.15, marking the lowest point since December 2022, as reported by the blockchain intelligence company, Santiment.

In the last 24 hours, all of the top 10 non-stablecoin cryptocurrencies, except Tron, have experienced a decrease in value. Toncoin was the most affected, with a 4.22% drop to $2.20, resulting in a weekly loss of 3.98%. Despite this, the Open Network’s (TON) native token still managed to achieve a monthly increase of over 50%.

Tron, on the other hand, bucked the trend and saw a rise of 0.41% to $0.08434 in the past 24 hours, and a weekly gain of 0.53%. The total market capitalization of cryptocurrencies fell by 1.05% to $1.04 trillion, while the market volume saw a significant increase of 51.52% to $22.17 billion.

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