$1 Billion Wiped From Stock Market, Here's Impact on BTC, XRP and ADA

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Investors and players on the United States financial market have been reminded of the volatility that characterizes the space. In a post on X, Ran Neuner, CNBC Crypto trader and analyst, posed a crucial teaser to asset holders. The analyst hinted at a possible recurrence of the crypto market meltdown triggered by the stock market.

Stock market meltdown and crypto correlation

Neuner reminded the general financial community of the huge loss suffered when $1.05 trillion was wiped out from the U.S. stock market recently. Notably, even tech stocks on the Nasdaq were impacted by the market volatility.

Flowing from this, Neuner predicted that another meltdown might just be on the horizon. Hence, it seemed appropriate to gauge investors’ preparedness and enlighten the community as to what to expect. "Are you prepared for a crypto meltdown?" Neuner asked.

Recently, some notable entities that suffered losses on the stock market include Nvidia, Tesla, MicroStrategy, Microsoft, Google and Amazon, among others. Nvidia, a world leader in artificial intelligence computing, suffered a loss of 9.22%, while Tesla with its base in electric cars and clean energy recorded a loss of 1.56%.

Some entities listed on the U.S. stock market with crypto ties were not exempt from this meltdown. For instance, MicroStrategy, the business intelligence firm led by Michael Saylor, registered a 3.95% loss from the U.S. stock market meltdown.

Impact on Bitcoin (BTC), Cardano (ADA), and XRP

Given the interconnectedness of the crypto sector with the financial market, some digital assets have seen their fair share of bearish sentiment.

Bitcoin, the world’s largest crypto asset, has registered a 4.57% drop in market capitalization to $1.12 trillion. As of the time of writing, BTC changed hands for $56,573.29, representing a 4.53% decrease in the past 24 hours.

It is the same outlook for Cardano (ADA) and XRP, whose market capitalization dropped by 4.04% and 3.77% to $11,415,589,469 and $ 30,921,812,619, respectively.

The market performance over the past seven days reveals that ADA has been on a downward slide since Aug. 29. As for XRP, it has maintained a seven-day run of bearish sentiment and price decline, per CoinMarketCap data.