Cryptos Slump By Up To 9% Today; 7-Days Return In Negative For Most Cryptos Barring Ethereum, Cardano

Cryptos which saw some recovery during the last week with Bitcoin again reclaliming $24K are seen losing ground today. Of the top 20 crypto assets as compiled by Coindesk-most are in the red with losses of up to 9% as for Solana, Cardano, Avalanche, Cosmos and Decentraland among others.

Also, the weekly returns for most cryptos are in the red, with some exceptions such as Ethereum which has over the week reduced its good gains to just over 4% in 7-days.

Dogecoin and ShibaInu-the memecoins also drifted lower in price by up to 5%. Astonishingly, Dogecoin failed to react to Tesla's assurance that it shall continue to hold the memecoin. During the previous week, Tesla has offloaded its positions in Bitcoin.

This tepid respone to Musk's assurance to an extent may be the result of the risk-off sentiment among investors how may be tending to avoid investments in the crypto winter. Smit Khakhkhar, Tech Diligence at Delta Blockchain Fund, told a leading business magazine "During the height of the bull market, price movements were sensitive to Elon's tweets and comments. Now, due to the fall of crypto prices, there's fear among crypto investors. This could be a reason that the markets are not sensitive to his comments anymore."

Largely the continued sell-off in cryptos is owing to the prevailing risk-off sentiment amid uncertain macros as a result of which investors are not seen favouring riskier assets.