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.
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.