The past 24 hours have been rough for cryptocurrency investors. Virtually all major cryptos have sunk up to 8% in one of the biggest selloffs of the year so far.
As of the time of this writing, data from CoinMarketCap shows crypto king Bitcoin is down 7.3% in the past 24 hours. Ether is down 8.4%, Solana is down 9.7%, and Cadano is down 8.9%. As for the most buzzed-about meme coins, they aren’t faring much better. Dogecoin is down 6.4%, and Shiba Inu is down 7.2% in the past 24 hours.
So what is leading this fall across the crypto market? It’s likely related to the bad day Wall Street experienced yesterday, reports CNBC. On Thursday, the Dow, NASDAQ, and S&P all were in the negative, adding to a week of already steep losses. It’s possible investors that already got hit on the traditional markets were unloading their crypto assets in an effort to cushion their losses.
In total, CNBC reports that the crypto market fell by $147 billion in the past 24 hours.