BTC, ETH, XRP Drag Crypto Market Cap Down to $2.15trn

Sell pressure in top cryptocurrencies- Bitcoin (BTC), Ethereum (ETH), Binance Coin, XRP and others dragged the market cap down by about 3% in 24 hours to $2.15 trillion.

The market is trading tightly amid the US Federal Reserve’s hawkish tone, which is expected to tighten financial conditions for average Americans in the coming months.

Data from the crypto market show that market capitalisation is down 2.74% to $2.15 trillion over 24 hours, amid a breakdown of a key funding mechanism for Bitcoin.

Strategy’s STRC preferred shares have traded below their $100 par value since May, breaking the instrument’s peg. This is significant because proceeds from STRC sales were a primary source…