Home Cryptocurrency SOL and ADA lead losses as market starts week in the red

SOL and ADA lead losses as market starts week in the red

by SuperiorInvest

The cryptocurrency market The week started in the red.with Solana’s SOL and Cardano’s ADA leading the losses, having fallen 5% in the last 24 hours. Bitcoin, the world’s largest cryptocurrency by market value, lost the $41,000 support level early Monday, as the CoinDesk 20, a liquid index of the most traded tokens, fell 2.86% in the last 24 hours. Traders expect prices to fall as low as $38,000 in the coming weeks, which could lead to further losses in other cryptocurrencies. The recent downward pressure on bitcoin has been attributed to sales stemming from Grayscale’s GBTC bitcoin exchange-traded fund (ETF), according to some analysts, including Bloomberg’s Eric Balchunas. However, other recently approved bitcoin ETFs are seeing net inflows. BlackRock’s IBIT and Fidelity’s FBTC ETFs surpassed $1 billion last week, data tracked by CoinGlass shows, indicating buying pressure.

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