NEW YORK - The cryptocurrency market experienced a notable downturn at the start of the week, with most major digital currencies posting losses during Monday's morning trading session. Cardano (ADAUSD) led the decline, falling by 4.94% to hit 37 cents. A host of other significant cryptocurrencies followed suit, including Polygon (MATICUSD), Polkadot (DOTUSD), Ripple (XRPUSD), Dogecoin (DOGEUSD), Solana (SOLUSD), Uniswap (UNIUSD), and Bitcoin (BTCUSD), which saw its value decrease to $36,813.80.
In a contrasting move, Ethereum (ETHUSD) stood out as the sole major cryptocurrency to buck the downward trend, registering a modest gain of 0.97% to reach $2,079.98.
The ripple effect of the crypto market's performance was felt across related stocks. Key industry players such as Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Riot Platforms (NASDAQ:RIOT) Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Block Inc., and PayPal Holdings Inc (NASDAQ:PYPL). all saw their shares retract, with losses ranging from 0.35% to 6.14%. Notably, Riot Platforms' shares declined by 4.84%, Marathon Digital's fell by 5.05%, PayPal Holdings dipped 1.00% to $54.23, and Block Inc.'s shares decreased by 0.68% to $51.15. Coinbase Global Inc.'s stock also took a hit, dropping by 3.27%.
In contrast, Tesla (NASDAQ:TSLA) Inc.'s shares managed to climb slightly by 0.60% to $215.93.
Other tech companies with ties to cryptocurrency and blockchain technology had mixed outcomes. NVIDIA Corp (NASDAQ:NVDA).'s stock edged up by 0.20% to $484.34, while Advanced Micro Devices (NASDAQ:AMD) Inc. declined by 1.59% to $116.70, and Ebang International Holdings Inc.'s shares fell by 2.38%.
Investors tracking funds associated with digital assets also navigated through a sea of red as both the Amplify Transformational Data Sharing ETF and the Bitwise Crypto Industry Innovators ETF recorded declines of 2.13% and 4.10%, respectively. The Grayscale Bitcoin Trust was not spared either, witnessing a fall of 1.71%.
The overall downturn in the crypto market and related sectors reflects broader trends impacting investor sentiment and valuations within this volatile asset class.
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