- Bitcoin stabilized after last week’s sell-off, no recovery in sight.
- Altcoins are moving down, ETH and XRP lead the decline.
- Stock market sell-off has nothing to do with the crypto crash.
The dust has settled down, the cryptocurrency market stopped falling down and returned to quiet consolidation. The total market value has recovered to $200B; however, the lack of upside momentum bodes no good for the digital assets.
Bitcoin is changing hands at $6,290, mostly unchanged both on a day-on-day basis and since the beginning of Monday. The digital coin No. 1 has recovered from the recent low reached at $6,060 on Thursday, but the recovery struggles to gain momentum.
Ethereum failed to recover above 23.6% Fibo retracement level at $200 and crashed to $195 by the time of writing. The second popular coin is down 2.2% on a day-on-day basis amid growing bearish pressure.
Ripple’s XRP touched $0.3957 during early Asian hours on Monday before recovering towards $0.4092 by the time of writing. However, XRP is still down $3.5% day-on-day. XRP’s market value is registered at $16.1B.
Some experts believe that the crypto crash is a factor of the stock market sell-off as anti-risk sentiments often prompt investors to flee from risky assets. However, Thejas Nalval and Kevin Lu from digital asset management company Element contested that argument.
“There’s a narrative that the crypto market was simply falling in lockstep with the equity markets, which are slowly entering into correction zones. We believe this move in cryptocurrencies had nothing to do with the stock market. Evidence has shown that there has been little correlation between global stock indexes and the price of bitcoin. Nor does bitcoin move on economic data,” they wrote.
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