Prices of Crypto Assets Fall on Retail Selloffs
Market prices of crypto assets fell on Wednesday due to retail investors selling down amidst global economic uncertainties.
Most major digital assets were trading lower as of late Wednesday afternoon, along with US equity indexes, as investors assessed the most recent economic data, including two surveys on the performance of the services sector in August.
The CoinDesk Market Index, which tracks 183 digital assets, was down 0.3% in the past 24 hours. The Nasdaq 100, the S&P 500, and the Dow Jones Industrial Average fell 1%, 0.7%, and 0.5%, respectively.
Bitcoin (BTC/USD), the largest cryptocurrency by market value, was changing hands at $25,656, down 0.2% in the past 24 hours, reversing an earlier gain to as high as $25,953, CoinMarketCap data showed. Trading volume was $12.68 billion, up 8%.
Ethereum (ETH/USD), the second-largest digital asset, was trading 0.3% lower at $1,630. Bitcoin and Ethereum are currently 12% and 11% lower over the past 30 days, but up 55% and 36%, respectively, since the beginning of the year.
BNB (BNB/USD), the third-largest digital asset by market value excluding stablecoins, and XRP (XRP/USD), the fourth-largest, were down 0.1% and 0.6%, respectively.
Crypto assets: Cardano (ADA/USD), Dogecoin (DOGE/USD), and Solana (SOL/USD) fell 0.2%, 0.9%, and 4.1%, respectively.
Earlier on Wednesday, the US reported the ISM’s services purchasing managers’ index rose to 54.5 last month from 52.7 in July versus the consensus of a 52.5 print, and the S&P Global’s services PMI gauge fell to 50.5 in August from 52.3 the previous month, compared with market expectations for a 51 print.
The US 2-year Treasury yield closed at 5.020% on Wednesday, compared with 4.964% on Tuesday. The cryptocurrency industry’s global market capitalization decreased 0.2% in the past 24 hours to $1.04 trillion. The total trading volumes were $26.99 billion, up 5%.# Crypto Prices Move Negative on Retail Selloffs Fitch Flags Nigeria’s FX Reserves for Transparency Issue
