Just when it looked like the crypto markets were going to make a full recovery, the prices for the largest cryptos, including Bitcoin and Ethereum, started falling once again. Crypto tokens were trading lower on Monday. The total crypto market cap slipped below the $1 trillion mark again as the US Fed vowed to continue the monetary hawkishness adopted earlier this year. Over the weekend, all of the top 10 cryptocurrencies by market cap showed a net loss over the past seven days, except for Cardano (ADA), which is anticipating a hard fork coming next month. Bitcoin (BTC) was down 5% in the past week, Ethereum (ETH) down 6%, Solana (SOL) down 10%, Dogecoin (DOGE) 8%.
Ethereum supporters still have high hopes that the upcoming merge event will pump ETH. But this week, the number of weekly ETH deposits sent for staking on the Beacon Chain hit an all-time low, as per data from Dune Analytics.
Bitcoin fell below $20,000 on Sunday as part of a wider cryptocurrency-market retreat, amid concern about the Federal Reserve's rate-hike path, Reuters reported.
Barring BNB, all other top tokens were trading in the red on Monday. Avalanche plunged as much as 10 per cent, whereas Polygon tumbled 5 per cent. XRP and Cardano declined 4 per cent each.
Bitcoin, the largest cryptocurrency by market cap, is trading at $19,629 and is down by 2.19 per cent. Ethereum blockchain network's Ether showed a downtrend of 4.31 per cent. The cryptocurrency token is trading at $1,432. BNB crypto, native to Binance Smart Chain, witnessed a downtrend of 0.41 per cent.
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