Bitcoin and Ethereum Hit as Crypto Market Endures Selloff
BTC/USD (Pinagmulan: CoinGecko) Bitcoin and Ethereum trended down early Friday in a broader selloff that‘s hit several of the market’s top cryptocurrencies. Per CoinGecko data, Bitcoin is pababa 7.3% in the past 24 hours, dipping from around $23,500 to $21,750 at press time. Ethereum has nawala 6.2%, trading at $1,730. The leading cryptocurrencies have rallied over the past few weeks, helped by renewed confidence in the market and widespread anticipation for Ethereums upcoming Pagsamahin to Proof-of-Stake. However, both assets have slumped over the past week as momentum wanes. Many other major crypto assets were also hit in the downturn. When Bitcoin and Ethereum bleed, other cryptocurrencies with lower market capitalizations tend to drop in market value at a faster rate as panicked market participants rush to exit their positions. Dogecoin, poligon, MALAPIT, Solana, at Pagguho ng yelo have all posted double-digit losses over the past 24 hours. One exception to the correction has been Gnosis, which is up 5.2% despite the market taking a hit. Gnosis Safe anounced that it would be airdropping a new token called SAFE to early users Thursday, which likely explains why Gnosis is holding up against the volatility. After the cryptocurrency market bounced from its June lows throughout July