Crypto Prices Continue Slide Following Weekend Onslaught

Written by BTSE

August 22, 2023

Trending Tokens on BTSE:

Asset
Price
24h %
$26,050.50
-0.17%
$1,666.46
-0.75%
$0.52201
-2.4%
$0.062766
-1.78%

 

 

 

 

(as of 10:30 AM Singapore Time, August 22, 2023) 

 

As the trading day began today in Asia, traders found crypto prices to have continued their downward trend overnight. After a sharp drop across the board – leaving Bitcoin at around $26K and Ethereum at $1.6K – the tokens have continued their descent, experiencing retreats of 0.17% and 0.75% respectively. Altcoins Ripple (XRP) and Dogecoin (DOGE) have also not been immune to this wider trend, with each of them also facing minor slides in price following the onslaught on crypto prices over the weekend.

Many analysts see a primary catalyst of this price drop to be the inaction on behalf of the US SEC on various Bitcoin ETF applications, leading to growing concerns about the fate of such investment products. While in the short term, this negative sentiment is leading to further slides in prices across the crypto market, analysts see a possible SEC approval of such Bitcoin ETF products as a potential bullish catalyst going forward.

Up-and-coming crypto social media platform Friend.tech has exploded in popularity in recent days, having recently crossed the 100,000 user milestone overnight. The platform has attracted users uninitiated with crypto and crypto veterans alike through both its integration with its own token, called ‘Keys’ – and collaborations with a variety of popular mainstream personalities, such as influential esports community FaZe Clan co-founder Richard Bengtson, and NBA player Grayson Allen.

 

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