Crypto Market Takes U-Turn: Bitcoin, Ethereum, XRP, Cardano and Solana Shed Value

-The crypto market has taken a U-turn as Bitcoin, Ethereum, XRP, Cardano, and Solana have all registered a loss.
-Bitcoin price has shed nearly 1.5% in the last 24hrs and Ethereum has lost its $1,600 level.
-Major macro events like the correlation between tech stocks and crypto could be the reason for the downfall in prices.

The beginning of the year 2023 has been a mixed bag for the cryptocurrency market. After starting off on a high note, the market has taken a U-turn as most of the large cap currencies have registered a loss. Bitcoin, Ethereum, XRP, Cardano, and Solana have all experienced a decrease in their prices in the past 24 hours.

At the time of publishing, Bitcoin is selling at $22,656 after a drop of 1.2% in the last 24hrs. Ethereum has lost 4.57% in the same span and is now trading at $1,553. This unexpected drop in prices has left investors questioning the cause of this sudden downturn.

There are a few macro events that could be attributed to this price decrease. Firstly, Bitcoin and other large cap cryptocurrencies are highly correlated with tech stocks. As tech stocks have started to dip, the crypto market has followed suit. Secondly, investors may have become less optimistic in regards to Bitcoin’s price action, causing them to sell off their holdings and causing the price to dip.

Furthermore, the cryptocurrency market is relatively volatile, and this could be the cause of the sudden downturn. The market is often subject to short-term fluctuations, which can cause prices to dip suddenly and unexpectedly. This could be the case with Bitcoin and other cryptocurrencies.

To conclude, it is difficult to pinpoint the exact cause of the sudden dip in prices. It is likely that a combination of macro events, investor sentiment, and market volatility have all played a part. Whatever the reason, the crypto market will undoubtedly recover in the near future and continue to grow.