Algorand Slides 3.8% Amid Macro Uncertainty and Structural Weakness

Algorand's price dropped by 3.8% over the last 42 hours, mirroring a broader risk-off move in the crypto market.

The decline was triggered by macroeconomic factors, including uncertainty surrounding the upcoming Federal Reserve decision and the fading prospects of the US 'Clarity Act' crypto bill.

Bitcoin's price fell by more than 2% on July 28th, trading near a 10-day low around $63,000. Analysts tied this move to the aforementioned Fed decision and equity stress.

The total crypto market cap is down about 3.1% over the past week, with the altcoin market cap down by approximately 2.7%. The CMC Fear & Greed Index sits at 'Fear' territory around 35, indicating risk-off sentiment across the market.