$1 Billion Wiped From Stock Market, Here's Impact on BTC, XRP and ADA
2024-09-04

Investors and players on the United States financial market have been reminded of the volatility that characterizes the space. In a post on X, Ran Neuner, CNBC Crypto trader and analyst, posed a crucial teaser to asset holders. The analyst hinted at a possible recurrence of the crypto market meltdown triggered by the stock market.
Stock market meltdown and crypto correlation
Neuner reminded the general financial community of the huge loss suffered when $1.05 trillion was wiped out from the U.S. stock market recently. Notably, even tech stocks on the Nasdaq were impacted by the market volatility.
Flowing from this, Neuner predicted that another meltdown might just be on the horizon. Hence, it seemed appropriate to gauge investors’ preparedness and enlighten the community as to what to expect. "Are you prepared for a crypto meltdown?" Neuner asked.
Recently, some notable entities that suffered losses on the stock market include Nvidia, Tesla, MicroStrategy, Microsoft, Google and Amazon, among others. Nvidia, a world leader in artificial intelligence computing, suffered a loss of 9.22%, while Tesla with its base in electric cars and clean energy recorded a loss of 1.56%.
Some entities listed on the U.S. stock market with crypto ties were not exempt from this meltdown. For instance, MicroStrategy, the business intelligence firm led by Michael Saylor, registered a 3.95% loss from the U.S. stock market meltdown.
Impact on Bitcoin BTCUSD, Cardano ADAUSD, and XRP
Given the interconnectedness of the crypto sector with the financial market, some digital assets have seen their fair share of bearish sentiment.
Bitcoin, the world’s largest crypto asset, has registered a 4.57% drop in market capitalization to $1.12 trillion. As of the time of writing, BTC changed hands for $56,573.29, representing a 4.53% decrease in the past 24 hours.
It is the same outlook for Cardano ADAUSD and XRP, whose market capitalization dropped by 4.04% and 3.77% to $11,415,589,469 and $ 30,921,812,619, respectively.
The market performance over the past seven days reveals that ADA has been on a downward slide since Aug. 29. As for XRP, it has maintained a seven-day run of bearish sentiment and price decline, per CoinMarketCap data.