BTC drops 6%, ETH hits -7%, Altcoins decline drastically

Crypto today:

Crypto today:

Today’s crypto market shows a decline in prices as S&P 500 drops to its lowest lows. Bitcoin (BTC) trades at $18k, Ether (ETH) struggles at $12k, and other altcoins are dropping drastically as well.

According to the reports, S&P 500 pummeled at 3,631, which is its lowest price since November 2020 and June 2022. Despite US Fed’s claim to recover the loss, the stock market is not doing quite well.

Bitcoin has once again failed to break from its resistance level at $20k and dropped to its support level at $18k. Experts believe the drop in the traditional market, especially S&P 500 is the cause.

According to CoinMarketCap, BTC has dropped 6.42% and the current trading price is at $18,762 with a very bearish pattern, resulting in a collective collapse of the entire crypto market.

Ethereum also failed to meet its expected price even after the Ethereum PoS merge The bugs and errors following the merge have affected its coin’s prices. ETH dropped 7% and trades at $12,000.

Many people are starting to believe the expectations for the coins were a PR approach to gain attention. Nonetheless, Ethereum supporters are still bullish that the coin’s prices will rise soon.

Other than that, Solana (SOL) dropped 6.48%, Cardano (ADA) hit -5.78%, Dogecoin (DOGE) recorded -4.59%, Binance (BNB) declined 5.22%, while XRP plunged 9.81% in the last 24 hours.

Overall, September’s last week is closing at a bear market with the prices hitting the same level as in June. Nonetheless, the crypto community holds on to the hope that October will be a good month.

Will the crypto market show improvements in October or the only hope is to wait for the next year?


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