Global markets have witnessed a weak sentiment so far this week as traders continue to assess a potential rate hike by the U.S. Fed next month.
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Additionally, a mixed set of earnings so far coupled with ever-increasing recession concerns in the second half of this year continue to weigh on sentiment as well. Amid this trend, Bitcoin (BTC-USD) and Ethereum (ETH-USD) have been in a downward spiral, having given up recent gains.
BTC has dropped nearly 6.6% over the past five sessions and is now trading at $28,235, way below the psychologically important $30,000 mark. ETH too has dropped 8% to $1,920 during this period.
The crypto market remains susceptible to globally weakening sentiment while the ever-raging Russia-Ukraine conflict and China’s moves around Taiwan continue to add a dose of uncertainty into the markets.
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