The cryptocurrency market experienced a massive bloodbath on Monday, with leading altcoins plummeting double digits in the indices. Fears of another slump have gripped the markets as billions worth of funds have been wiped away in just two days.

Leading altcoins such as Ripple’s XRP and Cardano’s ADA nosedived double digits, falling to their three-month lows.

Also Read: Shiba Inu’s Birthday Month: How Will SHIB Perform in August 2024?

XRP and ADA are among the hardest-hit assets in the cryptocurrency market, making investors skeptical about taking an entry position. While Ripple’s native cryptocurrency, XRP, is currently down 17%, Cardano’s ADA fell 18% in the 24-hour day trade.

XRP & ADA Price Forecast As the Cryptocurrency Market Dips

All leading indicators indicate a strong ‘sell’ option for Ripple’s native token, XRP, and Cardano’s native cryptocurrency, ADA. The latest technical analysis for XRP shows that it’s currently under bearish grips.

XRP is firmly in the bears’ grip, with 94% bearish and only 6% bullish. The general XRP price prediction sentiment currently remains bearish, with 29 technical indicators pointing towards a downturn.

Also Read: Top 2 Cryptocurrencies To Watch in August 2024

On the other hand, Cardano’s ADA is 78% bearish and 22% bullish in the technical pointers. ADA also signals a strong ‘sell’ option and could shed further value in the charts. XRP and ADA are in bear territory, and a quick recovery from here could be arduous.

The Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), Weekly Simple Moving Average (SMA), and Weekly Exponential Moving Average (EMA) all point toward the ‘sell’ option.

Also Read: BRICS: UBS Predicts the Future of the U.S. Dollar

Therefore, XRP and ADA will remain under pressure this month, leading to minor to no price spurts. The global economy remains under macroeconomic pressure as the market indicates a recession in the US. The global stock and cryptocurrency markets have been bleeding profusely since Friday, with no signs of a quick recovery.

Bitcoin (BTCUSD) briefly plummeted below $50,000 Monday for the first time since February as U.S. economic fears spread the market rout beyond stocks, leading to about $1.2 billion in crypto liquidations over the past 24 hours.

It’s been a roller-coaster ride for bitcoin investors. This morning’s low was nearly 30% below the $70,000 price level bitcoin hit exactly a week ago. The largest cryptocurrency by market cap recovered somewhat, trading above $54,000 early Monday afternoon.

Bitcoin ETFs, Altcoins, Crypto-Related Stocks Tumble

As the stock market began to crumble Friday, nervous investors pulled out $237.4 million from spot bitcoin exchange-traded funds (ETFs), according to data from Farside Investors.

As is usually the case during crypto price declines, alternative crypto assets are down even more than bitcoin. Ether (ETHUSD) is down 24% over the past week, while Solana (SOLUSD) is down 28%.

Crypto-related stocks felt the double whammy of selling pressure from both the stock and the crypto markets. Shares of MicroStrategy (MSTR), one of the largest corporate holders of bitcoin, fell 9% while those of Block (SQ) and Coinbase (COIN) declined 2% and 5%, respectively.

Bitcoin miner stocks traded lower, too. Cleanspark (CLSK) was 11% lower, Hut 8 (HUT) was down 7%, Marathon Digital (MARA) declined 5%, while Riot Platforms (RIOT) fell 3%.

Bitcoin Drawdowns Not Uncommon

It’s not uncommon for bitcoin to have multiple large price drawdowns in bull markets following halving events such as the one that recently took place in April. Despite bitcoin’s intention to operate as a safe haven, its recent selloff along with the equities market indicates it’s still trading as a risk-on asset during times of global market uncertainty.

Still, that’s not enough to shake the confidence of some long-term bitcoin bulls.

“People smash the sell button for liquid assets during broad-based panics,” Bitwise Chief Investment Officer Matt Hougan posted on X. “But from my seat, today’s events play into the long-term story for bitcoin.”

WESTLAKE, Ohio (WOIO) – Westlake Police posted on Facebook Sunday warning residents of a scam requesting cryptocurrency payments for “preemptive bail.”

Westlake Police said in a post that a resident received a call from someone claiming to be from the Cuyahoga County Sheriff’s Office saying the resident had active warrants.

The scammer sent the resident legitimate-looking documents, according to the post.

The resident offered to turn himself in at the Justice Centers, according to the post, but the scammer said the only way to avoid arrest was to pay a “preemptive bail” at the nearest cryptocurrency machine.

The resident called Westlake Police to check the legitimacy of the call before depositing any money.

Westlake Police are reminding residents that no agency will have you pay bail with gift cards or Bitcoin.

Westlake Police also said that no company will insist you stay on the phone when withdrawing cash from the bank or guide you on what to say to the teller to avoid suspicion.

“If you receive an unexpected text, email or call, be very wary,” the post read. “Education will help stem the fear that these scammers use to get your hard earned money!”

Always be sure to independently check information and never disclose personal information or allow remote control of personal devices unless sought after, Westlake Police said.

Copyright 2024 WOIO. All rights reserved.