The cryptocurrency market experienced a downturn on Thursday as bearish sentiment gripped investors, primarily due to Bitcoin’s price action. According to the latest crypto price oracles, the total crypto market cap dropped by about 1.7 percent, amounting to approximately $1.21 trillion on Thursday.
Bitcoin price was observed trading around $29k across various exchanges, with crypto experts closely monitoring its reaction near the crucial support level of $28.4k. Additionally, altcoins failed to capitalize on Bitcoin’s weakness, signaling further bearish sentiments.
Key Reasons Behind the Bearish Sentiments:
It is evident that the crypto market is currently grappling with various challenges, affecting investor confidence and driving bearish sentiments. Traders are keeping a close eye on Bitcoin’s price movements, as it could have a significant impact on the entire market.
Additionally, regulatory actions by the SEC are adding to the uncertainty in the crypto space. Increased regulatory scrutiny and the need for greater transparency might be vital for restoring confidence and stability in the cryptocurrency market.
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