In August, the crypto market witnessed an exceptional decline, with XRP suffering a substantial decrease of 19.57% and liquidations amounting to $1.11 billion.
The worldwide crypto market has experienced a depreciation of more than $500 billion, representing a 16% decrease over one year. The Japanese stock market has also undergone a decline, while the S&P 500 encountered a 4.4% decrease.
The scheduled private meeting between officials from the Securities and Exchange Commission (SEC) and Ripple was abruptly canceled, causing a sense of uneasiness within the community.
The performance of XRP has been exceptionally poor, experiencing a sharp decline of 24% in the past week and 17% in the last 24 hours. The current reading of the Crypto Fear & Greed Index reflects a state of “Extreme Fear,” suggesting caution and discouraging significant investments in these turbulent times.
Bitcoin and Ethereum have both been significantly affected, with Bitcoin temporarily falling below $49,100 for the first time since February, and Ethereum witnessing a sharp decline of 23% in only one day. The scenario has caused the crypto community to feel apprehensive.
