Cryptocurrencies prices slumped lower on Friday, with the Bitcoin (BTC) price slipping to an intraday low of $22,788 on the Bitstamp exchange.
The flagship cryptocurrency is in the red once again just days after surpassing the $25,000 level for the first time in nearly two months.
Dogecoin (DOGE) is the top laggard within the top ten, losing roughly 9% of its value over the past 24 hours.
Alex Dovbnya
The underperformance of DOGE and SHIB shows that calls for another meme coin season were premature.
Ethereum (ETH) is holding above the $1,800 level, but the flagship altcoin has lost its momentum ahead of the merge upgrade.
The total cryptocurrency market cap is now on the verge of slipping below the $1 trillion mark once again.
Earlier this month, the cryptocurrency market experienced a much-needed boost because of cooler-than-expected inflation data.
The rally, however, was rather short-lasting. Risk assets reversed course earlier this week after minutes from the U.S. Federal Reserve meeting in July showed that central bankers were determined to keep hiking rates.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov