Bitcoin (BTC), XRP, and Cardano (ADA) faced intense selling pressure following Nvidia’s 8% dive after hours, leading to a widespread risk-off sentiment in both stocks and the cryptocurrency market. The tech giant’s stock plummeted due to the U.S. government’s prohibition on Nvidia’s H20 chip sales to China, resulting in a staggering $5.5 billion charge for Q1.
Market Turmoil Sparks Crypto Sell-Off
The late Wednesday market turmoil, catalyzed by Nvidia’s financial blow, reverberated across the crypto sphere, causing Bitcoin, XRP, and ADA to nosedive. This sudden cascade of selling pressure has left investors on edge, wondering about the implications for the broader market.
Bitcoin’s Price Plunge and What It Means
Bitcoin’s price plummeted in response to Nvidia’s crisis, with the market now bracing for potential further declines. As BTC struggles to find support amidst the chaos, traders and analysts are closely monitoring key levels of resistance and support. The $100K psychological level looms large, with a breach potentially triggering more downside movement.
What Lies Ahead for XRP and ADA?
XRP and ADA, both closely tracking Bitcoin’s movements, are also vulnerable to the prevailing market sentiment. Investors are anxiously watching to see if these altcoins can weather the storm or if further losses are on the horizon. Key support levels and market dynamics will play a crucial role in determining their short-term trajectory.
Join the Discussion: Will the Crypto Market Rebound?
The current market upheaval has left many wondering about the future of cryptocurrencies. Will Bitcoin, XRP, and ADA stage a recovery, or are more losses imminent? Share your thoughts and predictions on where the market is headed next!
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