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Crypto Market Tanks 10%: What Sparked the Sudden Crash and What’s Next?

The recent 10% slump in the crypto market is driven by a mix of macroeconomic and crypto-specific factors. Key reasons include weak global economic indicators, such as poor tech earnings and recession fears, which led to a broader sell-off in risk assets. Additionally, Japan’s central bank raised interest rates, causing bearish sentiment across Asian and U.S. markets.

Crypto-specific pressures added to the decline. Mt. Gox creditors reportedly started redeeming Bitcoin, and rumors of the U.S. government moving its Bitcoin reserves further fueled panic selling. Moreover, major trading firm Jump Crypto allegedly offloaded significant holdings, creating further downward pressure.

The combined impact triggered a $500 billion market wipeout over three days, marking one of the year’s largest corrections. The Crypto Fear & Greed Index has plunged into “fear” territory, reflecting negative market sentiment.

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