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3 Crypto Assets to Sell Today Ahead of Bearish Sentiment
Digital assets are consolidating on previously recorded gains, however, users are anxiously awaiting the sale of some cryptocurrencies before bearish sentiments creep in. Although cryptocurrency prices have been high this year, the market has seen bearish phases due to a change in macroeconomic factors.
The recent United States IPC data have reversed bullish factors for cryptocurrencies, leading Bitcoin (BTC) to surpass $67,000 amid a similar rally by altcoins and meme tokens. As of this writing, the cryptocurrency market cap stands at $2.42 trillion, down 0.20%. Here are the 3 cryptocurrencies to sell as users expressed bearish trend signals this week.
Ethereum (ETH)
Ethereum is up 35% this year and trades at $3,075, down 0.01% today. The asset experienced particularly high mixed phases in the first quarter, when Bitcoin reached an all-time high, and sharp liquidations in the second quarter after-market sales. Despite weekly gains after the r CPI report, users remain skeptical of the asset due to upcoming spot ETF decisions.
The decision on the spot by the US Securities and Exchange Commission (SEC). Ethereum ETF This month’s demands will affect the price of the asset. According to some analysts, the chances of approval remain below 50%, impacting the inflow of assets. Last week, Ethereum recorded outflows of $23 million from its institutional products, making it one of the cryptocurrencies to sell before a crash.
Ripple (XRP)
Ripple trades at $0.512, marking a slight decline of 0.60 in the last 24 hours. The company’s settlement case with the SEC continues as the Commission rejected the proposed $10 million settlement. The long-running case with the financial regulator has affected the price of the cryptocurrency due to reduced sentiment.
Shiba Inu (SHIB)
Meme coins have seen a steady rise following the recovery of the cryptocurrency market. However, bearish sentiment can lead to massive asset selling. SHIB is trading 0.70% lower in the last 24 hours with almost similar weekly flows. Solana meme coins like Dogwifhat and BOME are up 9.3% and 3% in the same time frame as SHIB moves sideways.
Read also: 5 Meme Coins to Buy Today for Huge Profits
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.