Three Reasons Why the Crypto Market Is Dropping Today 📉
Election Uncertainty.
With just two weeks left until the U.S. elections, the optimism surrounding a potential Trump victory and positive remarks from Harris had previously pushed cryptocurrencies higher. Now, as the race nears its end, many investors are shifting away from risky assets.
Federal Reserve Rates.
It is expected that the Fed will take longer to lower interest rates than initially anticipated. This forecast has strengthened the U.S. dollar and increased treasury bond yields, making cryptocurrencies less attractive.
Gold as a Safe-Haven Asset.
Amid the pressure on cryptocurrencies, gold has gained the attention of investors. Its price has reached a record high of $2,725.81, with its market value nearing $18.38 trillion.