Hi Guys ⚠️ ⚠️ ⚠️
Why Crypto Market Is Down Today? 🤔🤔
Here Are Top Reasons:
The market’s decline has mirrored a broader sell-off in traditional markets, influenced by an uptick in geopolitical tensions and economic uncertainty. So, as traditional markets flinched, cryptocurrencies didn’t miss a beat in joining the plummet.
During the afternoon trading hours in the United States, Bitcoin took a steep fall below the $66,000 mark after nearly touching $71,000 just a few hours before.
As of press time, Bitcoin has clawed its way back to exactly $69,934, a 5% drop in the last 24 hours alone. Not far behind, Ethereum saw a dramatic 12% drop to $3,100 before paring some losses to $3,230 as of the time of writing.
The downturn wasn’t a gentle slide but more of a freefall. Futures market data pointed out a brutal session for traders using leverage. Over $400 million in leveraged positions were liquidated in just one hour.
Binance traders faced the brunt of it, with liquidations totaling $171 million, while their counterparts on the OKX exchange saw $158 million wiped out. The total damage across the market in the last 24 hours? A massive $860 million across 270,993 traders, according to Coinglass.
This market tumble coincided with a dip in U.S. stock markets, reacting to new inflation data indicating a third consecutive month of acceleration. This hotter-than-expected Consumer Price Index (CPI) print has dampened any remaining optimism for near-term Federal Reserve interest rate cuts, throwing a wet blanket on hopes that inflation was close to being under control.
Follow Me 🎯 For More Profits 💵.
#BinanceLaunchpool #cpi #bitcoinhalving #BullorBear #Memecoins
