Why Is the Crypto Market Declining Today?
Despite previous bullish performance, the crypto market declined today. Stability gained from last month's recovery and positive US employment data, with 272,000 jobs added in May, was overshadowed by political shifts.
Overall Market Conditions:
- The fear and greed index shows reduced greed and a 2.82% drop in global market cap to $2.47 trillion.
- Most cryptocurrencies are down, with the market heatmap in red.
- Meme coins' market cap fell by 3.38%, Solana by 1.88%, gaming cryptos by 5.5%, and AI tokens by 3.16%.
- Global trading volume surged 70% to $83.34 billion.
Reasons for Decline:
- EU Parliament election results affected crypto sentiment regarding upcoming regulations.
- European Central Bank's 25 basis points rate cut, while positive, might impact economic growth and cryptocurrencies.
- Indian election results spooked investors, affecting both the stock and crypto markets.
- Bitcoin showed a bear flag pattern, dropping to $67,779, causing a broader market decline. Bitcoin dominance is at 54.2%. Analysts do not expect a continuous Bitcoin price fall, but further drops could negatively impact the market, especially with Ethereum struggling.
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