This BlackRock crypto is the biggest market loser among top 100 coins

Following the Federal Reserve’s July 31 decision to leave interest rates unchanged, a number of cryptocurrencies saw drastic losses. Among them was SPX6900 ( SPX ), BlackRock’s third-largest holding sitting behind only Bitcoin ( BTC ) and Ethereum ( ETH ). Namely, the meme coin plunged by 17.44% within 24 hours of the announcement, a few days after being declared the best-performing coin in the past three months. At press time, SPX which was likely transferred to the BlackRock account was trading at $1.64, with a market cap of around $1.54 billion and a daily trading volume of approximately $129.1 million. Crypto market performance. Source: CoinMarketCap Why is SPX down? The recent pullback follows a staggering 204% rally over the past 90 days, making the coin especially vulnerable to correction pressure. Technical signals turned decisively bearish on August 1, with SPX6900 breaking below a rising wedge formation, which suggests a trend reversal. Widened Bollinger Bands ( BB ) likewise accompanied the breakdown, with the price slipping below the middle band. In the meantime, the moving average convergence divergence ( MACD ) histogram flipped into negative territory for the first time since mid-July. As mentioned, the SPX situation is not isolated. The crypto markets bled $150 billion in total in the wake of new tariff discussions, its market cap falling from $3.89 trillion to $3.74 trillion. Crypto market cap. Source: CoinMarketCap Altcoins, however, suffered the most. Indeed, the Altcoin Season Index dropped sharply to 34, and SPX’s 30-day correlation with BTC rose to 0.82. Featured image via Shutterstock The post This BlackRock crypto is the biggest market loser among top 100 coins appeared first on Finbold .

Source: Finbold