Cardano and Dogecoin Experience Significant Losses as Bitcoin Traders Anticipate $100K Pullback
Bitcoin and ether traders took profits after both assets reached record highs. Key points include:
- Bitcoin fell to $113,500, down over 1.5% in 24 hours.
- Analysts highlight market fragility, with potential corrections to $100,000.
- The cryptocurrency market cap decreased by 0.4% to $3.87 trillion.
- Ether dropped 1.8% to $4,159, retesting the $4,100 support level.
- XRP fell 4.1% to $2.89, dogecoin decreased by 2.4% to 21 cents, and Cardano lost 6.6%.
The overall sentiment is negative due to higher-than-expected U.S. inflation data, impacting expectations for interest rate cuts. Institutional flows remain strong despite the volatility, indicating ongoing confidence in the asset class.
The derivatives market shows high leverage levels, increasing the risk of volatility for BTC and ETH. Attention is now focused on the upcoming Jackson Hole conference, where the Fed Chair will discuss policy that may affect market dynamics.