The crypto market continues to face the major brunt of global economic uncertainties. Treasury yields skyrocketed as the Federal Reserve continues to remain hawkish. The stock market also plummeted over the uncertainty surrounding China. The S&P 500 has fallen by 0.8% while the NASDAQ 100 has fallen by 0.5%. The crypto market remains strongly correlated with the stock market and especially the tech-oriented NASDAQ.
As a result, most cryptocurrencies were trading lower as the global crypto market cap decreased by 0.76% and stood at $913.28 billion.
The $19,100 mark has acted as a solid support level for the Bitcoin price for most of the last two months. At the time of writing, Bitcoin’s price was sitting at $19,053, noting a mere 0.59% daily loss and a 3.5% weekly loss. Similarly, Ethereum’s price fell below the crucial $1,300 mark, noting a 0.50% drop in the past 24 hours.