Bitcoin and Ethereum fell to July lows — the reasons and exact cost are given

Cryptocurrencies Bitcoin and Ethereum lost 3% of their value per day as the price of BTC and ETH returned to their July lows.

As it has become known, key cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), once again fell in price on Sunday evening. According to analysts, such negative changes in the crypto market are caused by a drop in the value of traditional assets in the global financial markets.

Thus, on Sunday evening, bitcoin was trading for $ 19,617, but at the time of writing, the price of the BTC has increased and is $ 19,836. As for ethereum, its price fell to $ 1,431 on Sunday (the lowest level since July 26). At the time of writing, ETH is trading at $ 1455.

A few days ago, SchiffGold CEO Peter Schiff, who is a well-known critic of bitcoin and cryptocurrencies in general, said that BTC expects its value to fall below $ 10,000. According to Peter Schiff in an interview with Kitco, despite the trend of bitcoin’s recovery, its price will continue to fall. Earlier, Schiff called the flagship cryptocurrency a «great fool’s scheme» and said that it would inevitably fail.