$1 billion wiped out from stock market, impacting Bitcoin, XRP, and ADA

From Investing.com

September 4, 2024
3:30:20 pm:

Investors in the U.S. financial market are warned of potential volatility by analyst Ran Neuner, hinting at a possible crypto market meltdown linked to stock market fluctuations. Recent market turbulence saw $1.05 trillion wiped out, affecting tech giants like Nvidia, Tesla, and MicroStrategy.

Neuner predicts another meltdown, prompting investors to prepare for potential losses. Companies like Microsoft, Google, and Amazon were not spared from the recent stock market drop, with Nvidia and Tesla experiencing significant downturns. MicroStrategy, a crypto-linked entity, also saw a notable loss.

The market turmoil has impacted digital assets like Bitcoin, which has lost 4.57% of its market capitalization, trading at $56,573.29. Cardano (ADA) and XRP also suffered declines in market capitalization by 4.04% and 3.77% respectively, reflecting the broader market sentiment.

ADA and XRP have experienced a downward trend over the past week, with ADA trending lower since August 29 and XRP maintaining a bearish sentiment. The connectivity between the financial market and the crypto sector remains evident in the recent market movements.

Read more at Investing.com: $1 Billion Wiped From Stock Market, Here’s Impact on BTC, XRP and ADA By U.Today