On Presidents” Day, both cryptocurrencies and precious metals have reported further losses, reflecting ongoing market challenges. The U.S. stock market, including the New York Stock Exchange and Nasdaq, remains closed on February 16 to observe the holiday, which honors the nation”s presidents. Trading will resume on February 17. However, the cryptocurrency market operates continuously, unaffected by traditional market closures.
Bitcoin (BTC), which has been on a downward trajectory since October 2022, continued its decline, losing 0.3% in the last 24 hours to a trading price of $69,190.68 as of the latest update. Similarly, Ethereum (ETH) saw a decrease of 1%, trading at $1,997.23. The XRP token faced nearly a 2% drop, now valued at $1.5, while Solana (SOL) also fell by 2%, trading at $86.04.
At the time of writing, the total market capitalization of cryptocurrencies stood at $2.44 trillion, indicating a broader trend of contraction in the digital asset space. Precious metals, traditionally viewed as safe-haven assets, mirrored the downtrend seen in cryptocurrencies. Gold prices fell by 0.93%, trading at $4,994.51 per ounce, while silver experienced a decline of 0.68%, priced at $76.88 per ounce.
This ongoing market behavior raises questions about the future trajectory of both cryptocurrencies and precious metals, as investors navigate a challenging economic environment. The interplay between traditional markets and digital assets continues to be a focal point for many traders and analysts alike.
