{"id":23020,"date":"2024-06-18T11:30:58","date_gmt":"2024-06-18T08:30:58","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23020"},"modified":"2024-06-18T11:15:27","modified_gmt":"2024-06-18T08:15:27","slug":"crypto-markets-tumble-with-altcoins-taking-the-hardest-hit","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/","title":{"rendered":"Crypto Markets Tumble with Altcoins Taking the Hardest Hit"},"content":{"rendered":"<p>On Monday, crypto markets sank into a sea of crimson; several cryptocurrencies dropped more than ten percent. An industry analyst noted that the sudden drop in the market cannot be explained with a clear catalyst.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#Avalanche_See_Double-Digit_Drop_and_Shiba_Inu\" title=\"Avalanche See Double-Digit Drop and Shiba Inu\">Avalanche See Double-Digit Drop and Shiba Inu<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#Analyst_Views_No_Explicit_Trigger_for_Decline_in_Markets\" title=\"Analyst Views: No Explicit Trigger for Decline in Markets\">Analyst Views: No Explicit Trigger for Decline in Markets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#Stocks_for_Bitcoin_Mining_Show_Strength_in_Face_of_Market_Decline\" title=\"Stocks for Bitcoin Mining Show Strength in Face of Market Decline\">Stocks for Bitcoin Mining Show Strength in Face of Market Decline<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Avalanche_See_Double-Digit_Drop_and_Shiba_Inu\"><\/span>Avalanche See Double-Digit Drop and Shiba Inu<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>Down 3.5% over the past 24 hours, the total crypto market capitalization now stands at $2.46 trillion. Based on CoinGecko data, <strong>Shiba Inu and Avalanche<\/strong> have had the toughest hit among the top 20 cryptocurrencies by market capitalization on June 17; declines of 12.7% and 10.6% respectively. Solana dropped 9.4%; <strong>Uniswap (UNI) and Dogecoin<\/strong> also had double-digit declines. Though it only slightly increased, Ripple&#8217;s XRP was the only non-stablecoin not in the red.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Views_No_Explicit_Trigger_for_Decline_in_Markets\"><\/span>Analyst Views: No Explicit Trigger for Decline in Markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Declining 1.3% and 4.4% respectively during the past 24 hours, Bitcoin and Ether have also witnessed falls. Chief investment officer Henrik Andersson of asset manager Apollo Crypto said he was unable to identify the primary reason the market dropped but speculated that declining demand in spot Bitcoin exchange-traded funds (ETFs) might have had a role.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/tornado-cash-used-to-launder-remilia-hack\/\"><em><span style=\"font-weight: 400;\">This Might Interest You:\u00a0<\/span>Remilia Hack: $4.3 Million ETH Sent to Tornado Cash<\/em><\/a><\/p>\n<p>&#8220;Based on what I can see, there is no obvious catalyst; but, it appears that negative BTC ETF flows caused weakness in alts which set off liquidations of leveraged long traders in <strong>Bitcoin, Ethereum, and<\/strong> <strong>Dogecoin<\/strong>,&#8221; Andersson said. On five of the last six trading days, spot Bitcoin ETFs have suffered outflows according to data from Farside Investors.<\/p>\n<p>Although digital asset company 10xResearch argued the relationship might be the other way around, it also linked the current altcoin crash to the reduction in spot Bitcoin ETF flows over the last week. &#8220;It has come as a surprise that Bitcoin is failing to rally despite weak inflation data; but, the Ethereum and altcoin collapse might have been expected,&#8221; 10xResearch said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stocks_for_Bitcoin_Mining_Show_Strength_in_Face_of_Market_Decline\"><\/span>Stocks for Bitcoin Mining Show Strength in Face of Market Decline<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Bitcoin<\/strong> <strong>mining<\/strong> <strong>stocks<\/strong> have been rising nicely in recent weeks, helping to offset some lost ground resulting from April&#8217;s halving event. Mitchell Askew, lead analyst at Blockware Solutions, said &#8220;mining stocks underperformed prior to the halving due to fears about post-halving profitability.&#8221; &#8220;But that worry has now been eased; mining stocks are returning to equilibrium after underperforming relative to Bitcoin and its proxies, notably MicroStrategy (MSTR).\u201d<\/p>\n<p>Askew pointed out that after the halving incident, the Valkyrie Bitcoin Miners&#8217; exchange-traded fund (WGMI) is currently up almost 54% indicating that market confidence has returned to the mining industry.<\/p>\n<p><a href=\"https:\/\/t.me\/coinengineernews\"><em><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!\u00a0<\/span><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, crypto markets sank into a sea of crimson; several cryptocurrencies dropped more than ten percent. An industry analyst noted that the sudden drop in the market cannot be explained with a clear catalyst. Avalanche See Double-Digit Drop and Shiba Inu Down 3.5% over the past 24 hours, the total crypto market capitalization now<\/p>\n","protected":false},"author":6,"featured_media":23021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1,7],"tags":[236,532],"class_list":["post-23020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","category-market-analysis","tag-altcoin","tag-crypto-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Markets Tumble with Altcoins Taking the Hardest Hit - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Markets Tumble with Altcoins Taking the Hardest Hit - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"On Monday, crypto markets sank into a sea of crimson; several cryptocurrencies dropped more than ten percent. An industry analyst noted that the sudden drop in the market cannot be explained with a clear catalyst. Avalanche See Double-Digit Drop and Shiba Inu Down 3.5% over the past 24 hours, the total crypto market capitalization now\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-18T08:30:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-18T08:15:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1125\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/\",\"name\":\"Crypto Markets Tumble with Altcoins Taking the Hardest Hit - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg\",\"datePublished\":\"2024-06-18T08:30:58+00:00\",\"dateModified\":\"2024-06-18T08:15:27+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg\",\"width\":2000,\"height\":1125,\"caption\":\"crypto market\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto Markets Tumble with Altcoins Taking the Hardest Hit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crypto Markets Tumble with Altcoins Taking the Hardest Hit - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/","og_locale":"en_US","og_type":"article","og_title":"Crypto Markets Tumble with Altcoins Taking the Hardest Hit - Coin Engineer","og_description":"On Monday, crypto markets sank into a sea of crimson; several cryptocurrencies dropped more than ten percent. An industry analyst noted that the sudden drop in the market cannot be explained with a clear catalyst. Avalanche See Double-Digit Drop and Shiba Inu Down 3.5% over the past 24 hours, the total crypto market capitalization now","og_url":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/","og_site_name":"Coin Engineer","article_published_time":"2024-06-18T08:30:58+00:00","article_modified_time":"2024-06-18T08:15:27+00:00","og_image":[{"width":2000,"height":1125,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg","type":"image\/jpeg"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/","url":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/","name":"Crypto Markets Tumble with Altcoins Taking the Hardest Hit - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg","datePublished":"2024-06-18T08:30:58+00:00","dateModified":"2024-06-18T08:15:27+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/crypto-market.jpg","width":2000,"height":1125,"caption":"crypto market"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/crypto-markets-tumble-with-altcoins-taking-the-hardest-hit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Crypto Markets Tumble with Altcoins Taking the Hardest Hit"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/23020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=23020"}],"version-history":[{"count":3,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/23020\/revisions"}],"predecessor-version":[{"id":23036,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/23020\/revisions\/23036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/23021"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=23020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=23020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=23020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}