SOL, ADA Lead Losses as Market Starts Week in the Red

BTCC
Jamie Crawley
Blockonomics



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



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