Why is the Crypto Market Down Today?
Cryptocurrency enthusiasts find themselves on a rollercoaster ride as the crypto market takes a tumble over the past day, leaving traders scratching their heads in confusion. Despite a surge in positive sentiments surrounding cryptocurrencies in recent months, the Bitcoin price has stumbled in its attempt to maintain its bullish stride, stumbling at the significant $74k threshold.
The latest market data paints a somber picture, with Ethereum (ETH) witnessing a plunge of over 5 percent on Tuesday, dipping to a low of approximately $2,962. To weather the storm of volatility, more investors are shifting their focus from the unpredictable altcoin market to the relatively stable realms of both stablecoins and the Bitcoin market.
This shift is reflected in Bitcoin’s dominance, which surged by 1 percent to around 55.16 percent on Tuesday.
As the crypto landscape becomes increasingly volatile, the fallout is palpable, with over $100 million worth of long traders liquidated in the past four hours alone, adding to the staggering tally of nearly $300 million wiped out in the past 24 hours.
The tumult in the crypto sphere is poised to intensify in the days ahead, with all eyes on high-impact events, notably the impending release of crucial data by the United States Federal Reserve concerning interest rates and the Federal Open Market Committee (FOMC) on Wednesday.
Additionally, the looming sentencing of former Binance CEO CZ threatens to further roil the already turbulent waters of the market.
The cryptocurrency market is already in a macro bull cycle following the recent Bitcoin halving and the approval of spot BTC ETFs in Hong Kong and the United States. As a result, a possible crypto rebound could send Bitcoin price to a new all-time high (ATH) anytime in the coming months.
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