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Why Crypto Market is Plunging Today?

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Having a run down all over again, the total crypto market cap has fallen to $924 billion and is still dropping. Bitcoin has gone below the $19K mark again and is currently trading at $18,811. Ethereum continues to plunge down, with the asset trading at $1294 currently. Cardano had a hard fall during the crypto crash, with it being down by over 2% to $0.446. Terra Classic (LUNC) has fallen close to 16% in the last 24 hours, which is an even steeper dive. Solana is down by more than 3% in the last 24 hours and is trading at $32.30. DOGE has fallen to 3.27% and is trading at $0.0611.

The crypto market can be seen crashing as the greenback currency, US Dollar, continues to show incredible strength. The U.S. Dollar Index or DXY climbed up by another 0.64% and touched 113.92. The crypto market is highly related to the general broader market. Notably, S&P 500 slid by 1.72% and NASDAQ fell by 1.66%. However, the Fed is maintaining its hawkish stance against inflation.

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