SOL, ADA Lead Losses as Market Starts Week in the Red

The crypto market started the week in the red, with Solana’s SOL and Cardano’s ADA leading the losses, having dropped 5% in the last 24 hours. Bitcoin, the world’s biggest cryptocurrency by market value, lost the $41,000 support level early Monday, as the CoinDesk 20, a liquid index of the highest traded tokens, slumped 2.86% in the past 24 hours. Traders expect prices to fall as low as $38,000 in the coming weeks, which could lead to more losses in other cryptocurrencies. Recent downward pressure on bitcoin has been attributed to sales stemming from Grayscale’s GBTC bitcoin exchange-traded fund (ETF), as per some analysts, including Bloomberg’s Eric Balchunas. However, other newly approved bitcoin ETFs are seeing net inflows. BlackRock’s IBIT and Fidelity’s FBTC ETFs crossed $1 billion last week, data tracked by CoinGlass shows, indicative of buying pressure.

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