The cryptocurrency market has been experiencing a bearish trend lately due to a combination of factors. Here are some of the latest developments that may be contributing to the current market sentiment:
- US Federal Reserve's interest rate hike to combat inflation, making risky assets like cryptocurrencies less appealing.
- Investors' increased risk aversion due to global economic uncertainty and geopolitical tensions.
- Bitcoin's recent failure to break through the $70,000 resistance level, leading to a price correction.
- Regulatory uncertainty and scrutiny in various countries, impacting investor confidence.
- Market volatility and liquidations in the derivatives market, exacerbating price drops.
