The post Crypto Market Rout Resumes as Equities Trading Briefly Halted in Japan appeared on BitcoinEthereumNews.com.

The crypto market sank to its lowest levels in more than five months as Japan’s stock market balked at recessionary fears following a rate hike by its central bank last week. Bitcoin and Ethereum, the two largest cryptos by market capitalization, have fallen considerably over the last 24 hours, down 9% and 18%, respectively. Trading volumes surged by just over 214% Sunday compared to Saturday, driven by heavy dip buying, with volumes up around 226%, a spokesperson for crypto exchange Swyftx told Decrypt. Bitcoin, Solana, and Ethereum were the most traded, dominating the market at “unusual levels” and accounting for approximately 67% of all volume late Sunday. Notably, Bitcoin buys were around three times the number of sales, and similar figures were observed for Ethereum compared to the normal 2:1 buy-to-sell ratio, they said. Other large-cap cryptos have seen declines ranging between 6% and 20%, CoinGecko data shows. “Recessionary fears drove a huge sell-off in U.S. equity markets last Friday,” Sylvia To, director of Bullish Capital, the venture capital arm of Bullish, told Decrypt. That’s now spread over to crypto as investors seek more traditional safe-haven assets, she said. Sunday’s drop, the single-largest daily decline since April 13, comes as the broader market and Japan face an equity rout as investors sour on major tech stocks in the U.S. and abroad. “The U.S. unemployment rate climbed from 4.1% to 4.3% in June, sparking concern of a slowing labor market,” To said. “The fear appears to have spread with the Nikkei 225.” On Sunday, the Topix and Nikkei 225 stock indexes in Japan tumbled more than 7% in morning trading in Tokyo, extending their losses to around 20% from their July 11 peaks and signaling a bear market, Bloomberg reported. The Topix, or Tokyo Stock Price Index, measures the performance of…

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Filed under: News - @ August 5, 2024 10:08 pm