Market is down

The cryptocurrency market experienced a downturn, with the total market capitalization dropping to $2.51 trillion over the last day as of May 30, 2024. The market volume in the last 24 hours has fallen by 9.22%. Bitcoin, the largest cryptocurrency, is currently trading at $67,659, 2.82% down over the past seven days and 0.22% decrease in the last 24 hours. Ethereum, the second-largest cryptocurrency, is trading at $3,732, down by 2.06% in the last seven days.

The cryptocurrency market is down today as fear rises among investors after Mt. Gox’s $9 billion bitcoin transfer and slowing inflows of the U.S. spot bitcoin ETFs.

How is the Crypto Market Performing?

The cryptocurrency market is experiencing a downfall, it can be because of the approximately $9 billion BTC being transferred from Mt. Gox’s cold wallet to an unknown address. It likely went through thirteen transactions, raising dump fear in the market. Another reason could be that the spot bitcoin ETF inflows are falling again.

The cryptocurrency market is exhibiting significant volatility, with prices fluctuating unpredictably. Currently, there is a downturn after Bitcoin surpassed its all-time high multiple times in March. The Dencun upgrade and Bitcoin halving did not bring the surge that the market anticipated. Also, as people expected, the latest U.S. SEC approval over the ETH ETFs has not brought any rise in the crypto world. As of the latest update, the Fear and Greed index stands at 61, indicating a greed state#BinanceTournament #Megadrop #CryptoTradingGuide #MicroStrategy