๐๐๐ Why #CryptoMarket Is Down Today? Here Are Top Reasons
Today, the #cryptocurrency market witnessed a significant downturn, echoing a broader sell-off in traditional markets fueled by geopolitical tensions and economic uncertainty. Cryptocurrencies swiftly followed suit as traditional markets stumbled.
During afternoon trading in the United States, Bitcoin plummeted below $66,000, retreating from its recent peak near $71,000.
At the time of writing, Bitcoin has rebounded to $69,934, marking a 5% decline in the past 24 hours. #Ethereum also experienced a sharp drop of 12%, initially falling to $3,100 before recovering to $3,230.
The decline was characterized by rapid and steep losses, particularly impacting leveraged traders. Futures market data revealed significant liquidations, totaling over $400 million in just one hour.
Binance and OKX exchanges were hit the hardest, with liquidations totaling $171 million and $158 million, respectively. Across the market, a staggering $860 million was wiped out across 270,993 traders within the last 24 hours, according to Coinglass.
This market downturn coincided with a dip in U.S. stock markets, responding to new inflation data indicating a third consecutive month of acceleration. The unexpected increase in the Consumer Price Index (#cpi ) dampened hopes for near-term Federal Reserve interest rate cuts, exacerbating concerns about inflation control.
Despite the turmoil, Bitcoin managed to increase its market dominance to nearly 56%, reaching a peak for this market cycle. This highlights Bitcoin's resilience as the leading cryptocurrency, even amid market turbulence.
Looking ahead, the crypto community is anticipating the upcoming halving event scheduled for April 21. Historical patterns and expert analyses, including insights from Arthur Hayes, suggest that the event could trigger further price corrections.
Today's market movements reflect a complex interplay of investor sentiment, economic indicators, and anticipation of significant crypto events on the horizon.
Source - coinpedia.org