[Breaking] Cryptocurrencies plummet all at once… Ripple down 4% - Solana down 6%

As gold prices weakened for the second consecutive day, cryptocurrencies, often referred to as “digital gold,” including Bitcoin, also showed a collective decline.

As of 7 AM on the 23rd, according to a global cryptocurrency market data platform, Bitcoin was trading at $107,906, down 2.84% from 24 hours earlier.

Ethereum, the second-largest cryptocurrency by market cap, plummeted 4.02% to $3,800. The fourth-largest cryptocurrency dropped 1.44% to $1,068, while the fifth-largest fell sharply by 4.13% to $2.37. The sixth-largest cryptocurrency declined by 5.70% to $180.

Analysts suggest that the decline in gold prices today has led to a simultaneous decrease in cryptocurrencies, often referred to as “digital gold,” including Bitcoin.

At the same time, gold futures on COMEX were up 0.18% at $4,116 per ounce. However, gold futures had previously fallen by about 2% to $4,028.

The previous day, gold futures had plummeted by about 6%, marking the largest decline in 12 years. This sharp drop in gold prices is attributed to reduced demand for safe-haven assets as U.S.-China trade tensions eased, coupled with profit-taking following recent rapid gains.

Kim Dae-young, Hankyung.com reporter