Crypto Market Takes a Hit as Profit-Takers Cash Out
The crypto market saw a downturn on September 19, with tokens such as MYX Finance, Worldcoin, and Pepe experiencing meaningful drops. this decline comes as profits are taken, following a series of impressive gains.
Bitcoin’s value slid too $116,000, while major players like Dogecoin and Ethereum faced losses exceeding 3% in just 24 hours. MYX Finance’s price plummeted to $11.77, marking a 35% decrease from its weekly peak. Sam Altman’s Worldcoin fell to $1.5170, down 31% from its YTD high, and Pepe declined over 15% from its recent high.
Crypto’s fall is partly attributed to profit-taking.This week, some of the leading losers had been the top gainers. As a notable exmaple, Pepe Coin surged 40% from its monthly low, MYX Finance spiked nearly 2,000%, and Worldcoin rose by 167%, boosted by Eightco’s launch of a WLD treasury and Dan Ives’ appointment as a director.
The Federal Reserve’s interest rate cut also influenced crypto selling. Despite rate cuts usually benefiting Bitcoin and altcoins, this cut was expected, with 90% odds estimated before the meeting.
Traders are also cautious as Bitcoin seems to form a rising wedge—a pattern indicating potential future declines. With a bearish divergence in play,the crypto landscape could see further turbulence affecting other altcoins.
