The global crypto market cap is down by 1.36%, hovering around $2.13 trillion with an FGI of 36 points for fear sentiments. India cracks down on a suspicious mobile application linked to the crypto market, resulting in a dip. It was done with assistance from Binance, and the scam is estimated to be worth approximately $48 million. The aforementioned scam involves Fiewin, an online gaming app with close ties to Chinese nationals.
BlackRock’s CEO has, on the other hand, issued a stern warning sign to the crypto community about the upcoming (potential) Tsunami from China. They have sought little to no fight when liquidity flows from the region.
BTC and ETH Test a New Low
Bitcoin tokens are down by 0.39% in the last 24 hours, listed at $61,175.01. It is currently testing the $60k support level; falling below that mark would potentially invite a further decline to $55,000. Needless to say, prices can still swing either way on the chart as the Federal Reserve looks to cut rates two more times. Plus, Donald Trump is investing all his efforts to get undecided voters to favor him in the November election.
Ethereum tokens have taken a more severe blow. They dipped by 3.71% during the same time window, exchanging hands at $2,388.74. The kind of inflows ETH sees in its ETFs could influence its price. Plus, there is a factor of settlement wherein issuers wish to reach a new high with Spot Ether ETFs. The cumulative historic total comes to $552.2 million as of October 2, 2024; however, it is negative to reflect net outflows dominated by Grayscale’s ETHE.
Meme Coins Fall
The trend is more prevalent across the meme coin segment, with multiple tokens experiencing a downfall. The values of several tokens, including DOGE and SHIB, have plummeted in the last 24 hours, with losses of nearly 2.20% and 1.49%, respectively. Dogecoin and Shiba Inu have values of $0.1054 and $0.00001647, respectively. Shiba Inu has gained an edge in terms of the value change in the last 7 days. SHIB has soared by 5%, while DOGE has fallen by 4.05%, almost balancing each other out.
POPCAT is an exception, with a growth of over 5% in a single day for a value of $1.04. Every other meme coin has fallen, including PEPE, FLOKI, and WIF. In fact, they have fallen harder as a result of heavy declines.
Other Gainers and Losers
BONK is down too, by 11.72%. This makes it one of the biggest losers across the meme coin market in the last 24 hours. Its value is $0.00002217, followed by WIF. It has experienced a 9.24% decline and currently trades at $2.16. DOGS tokens are up by 4.81, marking another exception to an uptick in value.
TRX is slightly up by 0.24%. All other major cryptocurrencies are trading at a lower value. For instance, XRP is down by 10.91% and SOL is down by 3.43%, for $0.5349 and $141.52, applicable in the same order.
Conclusion
Per analysts, the value of cryptocurrencies is expected to be influenced by fluctuations in the future. To avoid further decline, they must all sustain above the support level for an extended period of time.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.