U.Today – Investors and financial market participants in the United States have been reminded of the volatility that characterizes this space. In a post on X, Ran Neuner, a CNBC cryptocurrency analyst and trader, raised a crucial development for asset holders. The analyst hinted at a possible recurrence of the stock market-triggered cryptocurrency market crash.
The stock market crisis and the correlation between cryptocurrencies
Neuner reminded the broader financial community of the huge loss suffered when $1.05 trillion recently disappeared from the US stock market. It is worth noting that even Nasdaq technology stocks were affected by the market volatility.
From this, Neuner predicted that another crisis could be on the horizon. Therefore, it seemed appropriate to assess the readiness of investors and inform the community about what to expect. “Are you prepared for a crypto crisis?” Neuner asked.
Recently, some notable entities that suffered losses in the stock market include Nvidia (NASDAQ:NASDAQ), Tesla (NASDAQ:NASDAQ), MicroStrategy, Microsoft (NASDAQ:NASDAQ), Google (NASDAQ:NASDAQ), and Amazon (NASDAQ:AMZN), among others. Nvidia, the global leader in artificial intelligence computing, suffered a loss of 9.22%, while Tesla with its focus on electric cars and clean energy posted a loss of 1.56%.
Some US-listed entities with ties to cryptocurrencies were not spared from this crisis. For example, MicroStrategy, the business intelligence firm run by Michael Saylor, recorded a loss of 3.95% following the fall of the US stock market.
Impact on (BTC), (ADA) and
Given the interconnectedness of the cryptocurrency sector with the financial market, some digital assets have experienced bearish sentiment.
Bitcoin, the world’s largest crypto asset, has seen its market cap drop by 4.57% to $1.12 trillion. At the time of writing, BTC was trading at $56,573.29, representing a 4.53% decline over the past 24 hours.
The same outlook applies to Cardano (ADA) and XRP, whose market cap fell by 4.04% and 3.77% to $11,415,589,469 and $30,921,812,619, respectively.
Market performance over the past seven days reveals that ADA has been in a downtrend since August 29. As for XRP, it has maintained a seven-day streak of bearish sentiment and price decline, as per data from CoinMarketCap.
This article was originally published on U.Today
