Crypto Market Sees Continued Downturn Amid Absence of Positive Catalysts

Crypto Market Sees Continued Downturn Amid Absence of Positive Catalysts

Crypto News – On Friday, September 22, the crypto market remained in a downward trend, lacking any positive catalysts to boost investor sentiment. Ongoing volatility erased recent gains, causing major cryptocurrencies to decline. The crypto market fear and greed index reflected a sentiment of “fear” among market participants, standing at 39.

The recent indication from the U.S. Federal Reserve regarding potential further interest rate hikes this year might have dampened investor sentiment. Bitcoin, the largest cryptocurrency by market cap, fell below the $27,000 mark on Friday, trading at $26,647.62 during this period, marking a 1.62% decrease from the previous day. However, its volume saw an increase of 4.96% to $13.75 billion.

Similarly, Ethereum price dropped by 1.81% to $1,594.75, with a 1.21% decrease in volume over the last 24 hours to $5.15 billion. Over the week, Ethereum price experienced a decline of 2.33% on Friday.

Solana saw a 2.15% decline in price to $19.69, while its volume increased by 7.20% to $260.32 million. On the other hand, Toncoin’s price slipped by 2.83% to $2.31 during this time. Despite the losses, recent gains helped Toncoin’s price maintain a 20.57% increase over the last seven days.

In the meme coin segment, both Dogecoin and Shiba Inu experienced declines, with Dogecoin’s price down by 2.50% to $0.06158 and Shiba Inu slumping 2.11% to $0.000007298 as of writing on September 22.

The recent downturn in the overall financial market, including the cryptocurrency industry, indicates that traders are adopting a cautious approach amid market uncertainties. The global crypto market cap was down by 1.45% to $1.06 trillion on Friday, with the volume surging by 764.72% to $242.86 billion from the previous day.

Top 4 Cryptos for Today

1. Pepe Coin Slides Over 3%: The Pepe coin price traded at $0.000000614 during Friday’s writing, indicating a 3.04% decline in the last 24 hours. Its volume also decreased by 21.74% to $31.72 million. The meme coin has been experiencing volatile trading, resulting in a 9.55% decline over the last seven days.
2. Immutable (IMX) Drops 10%: As of the writing, the Immutable price witnessed a 10.20% decline to $0.6676, and its market cap fell by 9.30% to $778.74 million. Despite this, the crypto has seen substantial gains recently, with its price surging over 31% in the last week and approximately 12% in the last 30 days.
3. Terra Classic (LUNC) Adds 8%: The Terra Classic price surged by 8.09% to $0.00006281 as of writing on September 22, with its volume skyrocketing by 303,446% to $30.51 billion. The Terra Classic community officially approved a proposal to halt all USTC minting and reminting. This move aims to reestablish the USTC stablecoin’s peg at $1 and revitalize LUNC. The proposal allows entities like crypto exchange Binance to initiate USTC burning now that minting and reminting have ceased.
4. Astar (ASTR) Slips 7%: The Astar price experienced a 7.22% decline to $0.0532 on Friday, with its volume surging by 8774.75% to $2.18 billion. Despite this significant decline, its price was up by nearly 6% over the past week. Additionally, Bithumb, one of South Korea’s largest trading platforms, recently added Astar (ASTR) to its list of cryptocurrencies. Sota Watanabe, the founder of the Astar Network protocol, emphasized the launch of the ASTR/KRW trading pair on the exchange.