The crypto market was lower to start the week after bitcoin posted its worst week since May.
"External pressure in China is likely the biggest driver to the sell-offs," said Chris Martin, head of research at Amberdata."Asia plays a huge role in crypto, especially with Hong Kong and Singapore opening the door, but with a wider economic downturn I don't think we'll see the bull market play out like we hoped or expected."Sign up for NBC LA newsletters.
"As for bitcoin and ether, they tend to act more as a store of value compared to other cryptocurrencies but they've also suffered from a significant drop – 11.5% and 9.8%, respectively since the last 7 days – so they're completely immune," he added."In general, altcoin swings are more prominent and I think as more institutions onboard – through spot ETFs, spot investments, derivatives – we should see these tokens' volatility subside a bit more.
Bitcoin had been stagnant for much of the third quarter, a historically weak one for the cryptocurrency. It's now off 14% for the quarter and about 10% for August. Many expected an approved spot bitcoin ETF or some clear crypto legislation out of Congress to usher in some upside volatility. Instead, new focus by the Federal Reserve on real rates as well as the U.S.
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