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SOL Cryptocurrency started hard in September
At the beginning of September, risky assets encountered severe challenges, and the cryptocurrency market was significantly affected. Mainstream digital currencies such as Bitcoin, Ethereum, Solana and Dogcoin all fell. In response to this market downturn, Dogcoin co-founder Billy Marcus pointed out this trend in a post on social media.
A weak start to September?
In fact, the beginning of September continued the historical trend, with both cryptocurrencies and traditional financial markets showing vulnerability. Marcus shared a screenshot showing the S & P 500 falling in sync with major cryptocurrencies, commenting sarcastically that the month "started well." CoinGlass data showed that $361 million worth of positions were liquidated in just 24 hours, underscoring the continued pressure on risk appetite.
Dogecoin fell out of the top ten?
Yes, Dogecoin has fallen 1.41% in the past 24 hours to close at $0.081, a weekly decline of 4.90% amid market turmoil. This decline caused Dogecoin to fall out of the top 10 cryptocurrency market capitalization and slip to 11th place with a market capitalization of $12.74 billion. After climbing to $0.1 on August 22, Dogecoin suffered profit-taking and the price fell back to $0.08. Investors are scrambling to determine whether the selling pressure is temporary and whether September's historic weakness will continue.
In addition to cryptocurrencies, investor interest is shifting to traditional markets, which are undergoing major changes. Platforms like 1stepSwap are driving this shift, bringing real-world assets into blockchain and allowing rapid access to competitive market prices, effectively eliminating intermediate links.
The Fed expects increased pressure?
The recent wave of market selling can also be attributed to interest rate expectations. Federal Reserve Chairman Kevin Walsh's remarks at the Jackson Hole seminar highlighted high inflation and reinforced market expectations for tightening monetary policy. As a result, investors 'risk appetite has been hit. Markets currently predict a 66% probability of the Fed raising interest rates by 25 basis points at its September 16 meeting. Current forecasts suggest that another interest rate hike may be raised before the end of the year. Combined with the historical fragility in September, this situation led to a cautious attitude in the cryptocurrency market as a whole.
