Cryptocurrency prices were broadly lower on Tuesday after a mid-afternoon sell-off. Altcoins such as Ripple’s (XRP), Dogecoin (DOGE), Polkadot’s (DOT), Polygon’s (MATIC), and Uniswap’s (UNI) all saw losses of more than 4% over the past 24 hours. Bitcoin (BTC) and ether (ETH) fared better, with declines of less than 1%.
The sell-off may have been caused by macro jitters after the U.S. retail sales report for July came in far stronger than expected. This led the Atlanta Fed’s GDPNow model to forecast 5% U.S. GDP growth in the third quarter. “Cryptos are sinking as the bond market sell-off resumes, sending global bond yields higher as the risk of more central bank tightening grows,” said OANDA Senior Market Analyst Ed Moya.
The Nasdaq, S&P 500, and Dow Jones Industrial Average all fell more than 1% on Thursday, with the 10-year and 30-year U.S. Treasury rates each rising to fresh 2023 highs. Crypto appears to have stabilized in 2023, but bear market conditions remain as prices and trading activity remain muted. Market maker GSR has seen more departures at the executive level, including Chief Financial Officer Jonathan Hugh.