NEW YORK – The cryptocurrency market experienced a notable downturn at the start of the week, with most major digital currencies posting losses during Monday’s morning trading session. Cardano (ADAUSD) led the decline, falling by 4.94% to hit 37 cents. A host of other significant cryptocurrencies followed suit, including Polygon (MATICUSD), Polkadot (DOTUSD), Ripple (XRPUSD), Dogecoin (DOGEUSD), Solana (SOLUSD), Uniswap (UNIUSD), and Bitcoin (BTCUSD), which saw its value decrease to $36,813.80.
In a contrasting move, Ethereum (ETHUSD) stood out as the sole major cryptocurrency to buck the downward trend, registering a modest gain of 0.97% to reach $2,079.98.
The ripple effect of the crypto market’s performance was felt across related stocks. Key industry players such as Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Riot Platforms (NASDAQ:RIOT) Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Block Inc., and PayPal Holdings Inc (NASDAQ:PYPL). all saw their shares retract, with losses ranging from 0.35% to 6.14%. Notably, Riot Platforms’ shares declined by 4.84%, Marathon Digital’s fell by 5.05%, PayPal Holdings dipped 1.00% to $54.23, and Block Inc.’s shares decreased by 0.68% to $51.15. Coinbase Global Inc.’s stock also took a hit, dropping by 3.27%.
In contrast, Tesla (NASDAQ:TSLA) Inc.’s shares managed to climb slightly by 0.60% to $215.93.
Other tech companies with ties to cryptocurrency and blockchain technology had mixed outcomes. NVIDIA Corp (NASDAQ:NVDA).’s stock edged up by 0.20% to $484.34, while Advanced Micro Devices (NASDAQ:AMD) Inc. declined by 1.59% to $116.70, and Ebang International Holdings Inc.’s shares fell by 2.38%.
Investors tracking funds associated with digital assets also navigated through a sea of red as both the Amplify Transformational Data Sharing ETF and the Bitwise Crypto Industry Innovators ETF recorded declines of 2.13% and 4.10%, respectively. The Grayscale Bitcoin Trust was not spared either, witnessing a fall of 1.71%.
The overall downturn in the crypto market and related sectors reflects broader trends impacting investor sentiment and valuations within this volatile asset class.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Read More: Cryptocurrencies slide with Cardano leading the drop, Ethereum bucks the trend