Why Bitcoin (BTC), Etherem (ETH) Are Falling Today

Bitcoin and other major coins were trading in the red on Sunday evening as the global cryptocurrency market cap decreased 3% to $1.6 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -3.6% -11.9% $34,104.31
Ethereum ETH/USD -4.3% -11.25% $2,519.60
Dogecoin DOGE/USD -2.65% -6.55% $0.12

Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
ICON (ICX) +8.2% $0.66
Axie Infinity (AXS) +7.3% $30.74
NEAR Protocol (NEAR) +7.7% ​​$11.16

See Also: Best Crypto Debit Cards

Why It Matters: Bitcoin and Ethereum continued to post declines alongside spurts in 24-hour trading volumes. BTC and ETH 24-hour trading volumes rose 51% and 55% respectively to $36.84 billion and $20.82 billion.

U.S. stock futures also traded in the red at press time, with the S&P 500 and Nasdaq futures down 1.1% and 1%, respectively.

Cryptocurrency trader Michaël van de Poppe noted the lack of movement in Bitcoin price with the volume “going crazy” during the weekend. He ascribed the heightened volume to a “whales game.”

The downwards movement of Bitcoin all the way to the $33,900 level is what Santiment likes to see in terms of capitulation. The market intelligence platform said that trader sentiment has fallen to six-week lows.

“Weak hands leaving the space is generally what is needed for a truly notable bounce,” tweeted Santiment. 

Investor sentiment meanwhile has also taken a beating. Alternative.me’s “Crypto Fear & Greed” index flashed “Extreme Fear” at press time. Last week, the index indicated “Fear.”

Read Next: Bitcoin Bloodbath Getting Worse: Crypto Experts Say Mid-$20,000 Range May Be Next

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