• Sui (SUI) fell under $1 whereas Bitcoin and Ethereum fell under key ranges at $26,500 and $1,800, respectively.
• Altcoins offered off on Wednesday as the worldwide cryptocurrency market capitalization fell 2.6% to $1.15 trillion on the time of writing.
• A mixture of headwinds, together with uncertainty over US debt ceiling negotiations and the potential of a default, possible triggered the transfer.

On Wednesday, the Sui (SUI) value fell under $1 because of a broad market decline. cryptocurrency market It continued to fall following current losses triggered by macroeconomic information.

On the time of writing, the SUI is buying and selling at $0.97, down about 7.6% over the previous 24 hours and down -16% over the previous 7 days. The token’s each day buying and selling quantity was simply over $235 million, up 115% from the day gone by amid mounting promoting stress.

In the present day’s drop in Sui despatched the value under the greenback for the primary time because the launch of the buying and selling token on the trade. On Might 3, 2023, the SUI reached a brand new all-time excessive of $2.16. In right this moment’s worth, it is down practically 55%.

Cryptocurrency market shrinks by 2.6% as BTC, ETH and altcoins battle

Crypto sentiment didn’t contribute to the rise in world cryptocurrency market capitalization as SUI dropped to its lowest value stage ever. On the time of writing, the cryptocurrency market cap has fallen 2.6% over the previous 24 hours, hovering round $1.15 trillion, in line with information from market information aggregator CoinGecko.

The cryptocurrency market additionally fell Bitcoin (BTC) Costs retreated in direction of $26,000 amid continued monetary market uncertainty. The market capitalization of benchmark cryptocurrencies fell 3.7% from the day gone by to $508 billion.

ethereum It has additionally struggled to maintain its current upward momentum, with the ETH value buying and selling at $1,789, down about 3.3% over the previous 24 hours.

ETH and BTC each hit year-to-date highs above the psychological ranges of $2,000 and $30,000. Nonetheless, a confluence of headwinds, together with regulatory uncertainty, might drive the draw back and additional erode key assist zones.

One other drag in the meanwhile is the uncertainty round US debt ceiling negotiations and a doable default. inventory It fell on Wednesday because of investor nervousness.

All prime 10 altcoin XRP and Litecoin, which have seen some uptrends in current weeks, have additionally fallen. Cryptocurrency analysts say additional declines might pose a hazard to the market.Michael van de Poppe share Such a prospect.