Why Bitcoin (BTC), Ethereum (ETH) are sinking today

Bitcoin Y Ethereal Prices plummeted on Sunday night as the global cryptocurrency market fell sharply 5.9% to $1.1 trillion at press time.

Price performance of major coins
Currency 24 hours 7 days Price
Bitcoin USD/BTC -5.9% -10.7% $26,790.42
Ethereal EUR/USD -5.9% -20.3% $1,446.59
doecoin DOGO/USD -8.6% -21.05% $0.06

Top 24-hour gainers (data via CoinMarketCap)
cryptocurrency 24 hour % change (+/-) Price
Neo (NEO) +9.7% $11.98
FTX Tab (FTT) +1.3% $27.90
UNUS SED LEO (LION) +0.3% $5.51

See also: How to get free NFT

Because it is important: Bitcoin, Ethereum and other major cryptocurrencies crashed over the weekend after a higher-than-expected inflation report on Friday.

The May Consumer Price Index increased 1% from a month earlier on a seasonally adjusted basis versus a consensus estimate of 0.7%. It rose 8.6% before adjustment in the last 12 months, above an estimated 8.2%, the steepest increase since December 1981.

On Friday, Edward Moyasenior market analyst at OANDA, had predicted the bloodbath as appetite for risky assets evaporated.

“A weekend crash of Bitcoin could see prices drop towards the $25,500 area, with $22,500 being the most extreme scenario. Weekend crypto crashes are sometimes followed by a quick recovery, but the current environment and soft interest may make recovery slow.”

Bitcoin’s Relative Strength Index stood at 33.29, while Ethereum’s was at 26.38 at press time, according to Trading View data. An RSI below 30 indicates “oversold” conditions.

cryptocurrency trader Michael van de Poppe noted that the RSI for BTC and ETH is significantly lower than it was in December 2018, but still most want to sell short.

In mid-December 2018, Bitcoin was trading around the $3,300 level, while Ethereum was priced at around $85.

glass node co-founders Jan and Yann noted on Friday that Bitcoin Google queries were above 2019-2020 bear market levels despite fears of an upcoming recession.

Heading into a new trading week, investor sentiment remains fearful. At the time of publishing, Alternative.me’s “Fear and Greed Index” showed “Extreme Fear” as it did last week.

Read next: Musk Reacts To Jack Dorsey’s Bitcoin Web5 Project, Says Dogecoin Web69 Would Be Fire

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