- Bitcoin and Ethereum both fell below important levels, at $26,500 each and $1,800.
- Altcoins sold off on Wednesday after the global cryptocurrency market capital dropped to $1.15 Trillion, down by 2.6% as of the writing.
- The triggers were likely a combination of factors, such as the uncertainty surrounding US debt ceiling talks or a possible default.
Sui’s (SUI) price fell below $1 as the cryptocurrency market continued its sell-off following recent drops triggered by macroeconomic events.
SUI was trading at $0.97 as of the time this article was written, down 7.6% in the last 24 hours, and -16% for the past 7 days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.
Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. SUI’s all-time price was $2.16 on 3 May 2023. The current price is nearly 55% lower than the previous value.
Crypto market shrinks 2,6% as BTC ETH and altcoins suffer
SUI’s fall to its lowest price so far did not help the global crypto market cap. Data from market data aggregator CoinGecko showed that at the time this article was written, the total cryptocurrency market cap had fallen by 2.6% during the previous 24 hours. It hovered around $1.15 billion.
The crypto markets also fell as the price of Bitcoin (BTC), which had been hovering around $26k, dropped to that level amid continued uncertainty on the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.
Ethereum’s price, which is trading at about $1,789 in the current day, has fallen by 3.3%.
ETH and BTC have both reached year-to date highs that are above psychological levels of $2,000 or $30,000, respectively. Nevertheless, a combination of factors, including regulatory uncertainties, has catalysed a decline that threatens to further rot the critical support zones.
A second factor that is causing a downward trend at the moment is the uncertainty over the US Debt Ceiling talks and a possible default. Investor anxiety caused the stock market to drop on Wednesday.
All 10 of the top altcoins, including XRP (XRP) and Litecoin (Litecoin), which had seen some gains in recent weeks, were also down. Further declines in the crypto market could pose a threat to investors, say analysts. Michael van de Poppe shared This is an interesting outlook.
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