The global cryptocurrency market cap dropped 2.4% lower to $944.4 billion on Sunday evening, below the psychologically important $1 trillion mark.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2% | -8.8% | $19,614.09 |
| Ethereum ETH/USD | -4.1% | -11.5% | $1,429.09 |
| Dogecoin DOGE/USD | -3.1% | -11.2% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| eCash (XEC) | +25.6% | $0.00005 |
| Synthetix (SNX) | +2.8% | $2.98 |
| PancakeSwap (CAKE) | +2.3% | $3.8 |
See Also: How To Get Free Crypto
Why It Matters: Bitcoin was seen trading below the $20,000 level and Ethereum below $1,500 at press time. The two largest coins by market cap have declined 3.2% and 5.2% since Friday’s closing.
On Friday, the selloff was triggered after U.S. Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole Symposium.
Powell said, “Reducing inflation is likely to require a sustained period of below trend growth” — adding, “the role of the Federal Reserve keeping at it until the job is done.”
The central bank head said restoring price stability could require “maintaining a restrictive policy stance for some time.”
Powell’s words began a rout among risk assets on Friday, which has yet to abate. At press time, S&P 500 and Nasdaq futures were down 1% and 1.5%, respectively.
“Bitcoin weakened after Fed Chair Powell didn’t blink with his reiteration that the Fed will tighten policy to bring down inflation. Risky assets are struggling as Powell’s fight against inflation will remain aggressive even as it will trigger an economic slowdown,” said OANDA senior market analyst Edward Moya, in a note seen by Benzinga.
While testing the $19,000 level for Bitcoin seemed “inevitable,” to Michaël van de Poppe, the…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
