The cryptocurrency market has been experiencing significant volatility recently, with major asset prices dropping sharply.
Bitcoin (BTC), for example, has fallen below $100,000, down 5.7% in the last 24 hours, trading at around $96,220.
Ethereum (ETH) has also seen a significant drop in value, down 8.4% in the same period, trading at around $3,380.
These drops are linked to a number of factors, including macroeconomic indicators in the United States.
The release of robust US labor market data has increased speculation about possible interest rate hikes by the Federal Reserve (Fed), which tends to reduce appetite for risky assets such as cryptocurrencies.
Furthermore, market manipulation practices such as spoofing — which involves placing large sell orders to influence price and liquidity — have also contributed to Bitcoin’s rapid decline, leading to significant liquidations of long positions.
Other cryptocurrencies, such as XRP, Solana (SOL), and Dogecoin (DOGE), have also seen significant losses, reflecting a generalized bearish trend in the crypto market.
It is important to note that the cryptocurrency market is highly volatile and influenced by a combination of economic, regulatory, and behavioral factors.
Therefore, investors should remain cautious and be aware of macroeconomic trends and market practices that may affect the prices of these assets.
