A decline has been observed in major assets in the cryptocurrency market over the last 24 hours.
elchi reports that, according to the CoinMarketCap platform, Bitcoin has decreased by 2.63% over the last 24 hours, falling to 77,621.18 US dollars.
Ethereum fell by 1.94% to 2,438.97 dollars, and BNB dropped by 2.70% to 690.04 dollars. Bitcoin Cash decreased by 6.77%, and Bittensor fell by 3.70%. Zcash increased by 1.30%, and Monero rose by 1.43%.
A decline was also recorded in gold-backed cryptocurrencies. PAX Gold (PAXG) decreased by 2.44% over the last 24 hours to 4,461.17 dollars, while Tether Gold (XAUT) fell by 2.40% to 4,458.11 dollars.
The total capitalization of the cryptocurrency market decreased by 2.21% over the last 24 hours, falling to 2.62 trillion dollars.
The decline in the market intensified following the Jackson Hole speech by US Federal Reserve official Kevin Warsh. Warsh emphasized that inflation remains high, which has increased the probability of a rate hike in September. As a result, the dollar and US bond yields have risen, increasing pressure on risky assets, including cryptocurrencies.