As of today, August 10, 2024, the cryptocurrency market is experiencing a bearish phase, largely driven by the significant crash in Bitcoin that occurred earlier this month. This crash was influenced by a combination of tightening monetary policies by central banks, macroeconomic pressures like rising inflation, and geopolitical tensions. These factors led to a widespread panic, causing a sharp decline not only in Bitcoin but also in other major cryptocurrencies like Ethereum and Solana.
The bearish sentiment is further amplified by ongoing regulatory scrutiny and uncertainty in the crypto space, leading to significant volatility and mass sell-offs across the market. However, there are some signs of gradual recovery, with experts suggesting that strategic investments and regulatory clarity could stabilize the market in the near future.