Main Takeaway: Markets Lose Yesterday’s Gains On Stock Market Wealth Decline
Crypto markets are down 4% after yesterday’s boom in volume and open interest. A news headline came out that stated Americans have lost almost $9 trillion in wealth from this year’s stock market declines. This goes to say that the year overall has been bearish for all stocks and risk on assets such as cryptocurrencies. September is standing by its reputation as one of the worst months for Bitcoin and cryptos. Investors and traders will be looking forward to Uptober, however, everyone may be in for a surprise if the month doesn’t pan out to be bullish.
In the news headlines, Celsius CEO Alex Mashinsky has stepped down from his role. This move comes on the backs of other crypto CEOs either stepping down from their positions or leaving the companies altogether. When the CEOs are seen leaving the industry this gives crypto a bad reputation and is a stain on the industry as a whole.