Bitcoin falls below $19K amid a return of negativity to stock markets

by in Cryptocurrency News

Bitcoin

On Wednesday, September 28, cryptocurrencies were again in the red zone against the backdrop of increasing pressure on the stock markets.

The bitcoin rate fell to $18,700, the coin continues to trade at a two-week low. Ethereum rolled back to $1282. The Merge fork did not improve the attractiveness of the largest altcoin, and it has been retreating since mid-September.

The largest losses from the top ten cryptocurrencies were suffered by XRP and Solana. These virtual coins fell about 10% to $0.423 and $0.059, respectively. Market capitalization decreased to $915.86 billion.

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Pressure is again increasing in the stock markets after a slight easing last Tuesday, according to Bloomberg. Shares of Asian IT companies are falling in price along with commodities, while the dollar index, on the contrary, is holding on to a 20-year high.

The MVIS CryptoCompare Digital Assets 100 indicator, which tracks the performance of leading cryptocurrencies, has fallen by 60% since the beginning of 2022.

According to FRNT Financial CEO Stephan Ouelette, digital currencies correlate with stocks. Therefore, the flight of speculative capital from the IT industry will inevitably provoke a return of negativity to the cryptosphere.