Crypto Market Downturn Sends Investors Running to Stablecoins | Crypto

Crypto Market Downturn Sends Investors Running to Stablecoins

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-The crypto market is seeing another week in the red with Bitcoin, Ethereum, and larger cryptocurrencies trading to the downside over the past 7 days.
-The general sentiment in the market turns bearish as the nascent asset class completed a major milestone with The Merge.
-At the time of writing, Bitcoin and Ethereum record a 15% and 21% loss in the last week.
-In the crypto top 10 by market cap, the second cryptocurrency shows the worst performance followed by Polkadot (DOT) and Solana (SOL) with around a 15% loss over the same period.
-According to data from Arcane Research, the crypto market is moving in tandem with the previous September performance.
-As seen in the chart below, Arcane Researchs Large, Mid, and Small-cap Indexes have experienced negative performance alongside Bitcoin.
-On the latter, only XRP has begun showing bullish momentum with a 14% and 9% profit over the past week and 24 hours, respectively.
-While XRP might save some of the profits for large-cap cryptocurrencies, Ethereum (ETH) is moving in the opposite direction following The Merge, the event that completed its transition to Proof-of-Stake (PoS).
-As expected by many in the crypto market, this event was a sell the news milestone.
-The negative performance following The Merge has pushed the crypto market back to critical support levels.
-As a consequence, traders are swapping their funds into stablecoins, such as Tether (USDT) and USD Coin (USDC) to protect themselves from further downside.
-This has led to a market share migration from Bitcoin and Ethereum to these digital assets.

Crypto Market Bear BTCUSDT Crypto Market Downturn Sends Investors Running to Stablecoins

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