Sui (SUI) Price Falls Below $1 as Crypto Market Shrinks 2.6%
Sui (SUI) faced a significant setback as its price fell below the $1 mark, mirroring the struggles of Bitcoin and Ethereum, which also dropped below key levels at $26,500 and $1,800 respectively.
The broader crypto market experienced a decline, with the global cryptocurrency market cap shrinking to $1.15 trillion, down 2.6% at the time of writing.
Uncertainty Over US Debt Ceiling Talks and Possible Default Impact Crypto Market
Several factors contributed to the market downturn, including uncertainty surrounding the US debt ceiling talks and the potential for default.
These headwinds played a role in triggering the recent sell-off in the cryptocurrency market.
Sui Token Hits All-Time Low: A Closer Look at the Recent Decline
Sui’s price experienced a sharp decline, reaching $0.97, down 7.6% in the past 24 hours and a staggering 16% over the past seven days.
The token’s daily trading volume surged to over $235 million, marking a 115% increase from the previous day as selling pressure intensified.
However, its current value represents a significant decline of nearly 55%.
The struggles faced by SUI were indicative of the overall sentiment in the crypto market.
The total crypto market cap, as reported by CoinGecko, declined by 2.6% in the past 24 hours, hovering around $1.15 trillion.
Bitcoin and Ethereum Struggle: Key Levels Breached in Market Downturn
Bitcoin’s price retreated toward $26,000 amid ongoing uncertainty in the financial market.
Its market cap also experienced a decline of 3.7% from the previous day, standing at $508 billion.
Similarly, Ethereum faced challenges in maintaining its recent upside momentum, with its price trading at $1,789, down 3.3% in the past 24 hours.
Both ETH and BTC had achieved year-to-date highs above the psychological levels of $2,000 and $30,000, respectively.
However, regulatory uncertainties and other factors have contributed to the recent declines, posing a threat to critical support zones.
The uncertainty surrounding the US debt ceiling talks and the possibility of default have added to the downward pressure.
Investor jitters were evident as stock markets also experienced declines on Wednesday.
The top 10 altcoins, including XRP and Litecoin, also suffered losses despite recent periods of upside movement.
Crypto analysts have expressed concerns that further declines could pose dangers to the overall market.
Michael van de Poppe shares this outlook, emphasizing the need for caution moving forward.
As the crypto market faces challenges and various factors contribute to the ongoing volatility, investors and traders must closely monitor developments to make informed decisions in this ever-changing landscape.