yolowire.com - The price of Solana (CRYPTO: SOL) has declined 6% and led to a sharp selloff in all Cryptocurrencies to begin the trading week.
Solana is currently trading at $182 U.S. per token, having fallen steeply in the last 24 hours and exerting downward pressure across the crypto market.
Bitcoin (CRYPTO: BTC) price has dropped to $66,000 U.S. after briefly touching $70,000 U.S. in early trading on July 29 following a weekend speech by former U.S. President Donald Trump at the “Bitcoin 2024” conference.
The sharp downturn has been prompted by reports the U.S. government has moved a significant amount of Bitcoin, raising fears of an impending sale.
Specifically, the U.S. Marshals Service has moved $2 billion U.S. worth of Bitcoin to two new digital wallets in what could be preparation for a sale.
Solana’s loss comes after the launch last week of new spot Ethereum (CRYPTO: ETH) exchange-traded funds (ETFs) and has pressured smaller digital tokens.
Cardano (ADA), Dogecoin (DOGE), and BNB Chain (BNB) have each seen their prices fall 3% or more in the past 24 hours.
Analysts and traders are bracing for further volatility in crypto markets over the coming days as macroeconomic events and a lack of newer catalysts could lead to further price declines.
Some analysts are warning that upcoming interest rate decisions from the Bank of Japan, U.S. Federal Reserve, and Bank of England could roil the crypto market.