As a seasoned analyst with over two decades of experience navigating the tumultuous waters of global financial markets, I can attest to their unpredictability and inherent volatility. The recent stock market meltdown serving as a stark reminder of this fact, Ran Neuner’s warning about a potential crypto market meltdown has piqued my curiosity and raised an eyebrow or two.
On the U.S. financial scene, both investors and participants have been given a reminder about the unpredictability that typically occurs within this domain. In a recent post on X, Ran Neuner, a crypto trader and analyst for CNBC, subtly hinted at a potential repeat of the cryptocurrency market crash that was previously caused by stock market fluctuations
Stock market meltdown and crypto correlation
Neuner reminded the general financial community of the huge loss suffered when $1.05 trillion was wiped out from the U.S. stock market recently. Notably, even tech stocks on the Nasdaq were impacted by the market volatility.
Given these circumstances, I found myself contemplating Neuner’s forecast of another potential crypto meltdown. In light of this, I thought it necessary to assess the readiness of investors and share insights about what might lie ahead. So, I pose the question: Are you prepared for a possible crypto meltdown?
In the past week, several major companies like Nvidia (a tech giant specializing in AI technology), Tesla (known for electric vehicles and renewable energy), MicroStrategy, Microsoft, Google, and Amazon have experienced decreases in their stock market values. Specifically, Nvidia saw a decline of 9.22%, and Tesla recorded a drop of 1.56%
Entities linked to cryptocurrencies, even those traded on the U.S. stock exchange, were not immune to the recent market downturn. To illustrate, MicroStrategy, a business intelligence company headed by Michael Saylor, experienced a 3.95% decrease in value as a result of the U.S. stock market collapse
Impact on Bitcoin (BTC), Cardano (ADA), and XRP
Due to the close relationship between the cryptocurrency market and traditional finance, certain digital currencies have experienced a significant amount of pessimism or bearish attitude
In simple terms, Bitcoin, the most valuable cryptocurrency globally, has experienced a 4.57% decrease in its total market worth, now standing at approximately $1.12 trillion. At the moment of writing this, one Bitcoin is being traded for around $56,573.29 – a decrease of 4.53% over the past 24 hours
As an analyst, I’m observing a similar trend for both Cardano (ADA) and Ripple (XRP). Their market capitalizations have experienced a decrease of approximately 4.04% for Cardano, bringing it down to $11,415,589,469, and a dip of around 3.77% for Ripple, reducing its market cap to $30,921,812,619
Over the last week, the data shows that ADA has been steadily decreasing in value since August 29. Meanwhile, according to CoinMarketCap, XRP has continued a seven-day trend of negative sentiment and falling prices
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2024-09-04 20:07