The cryptocurrency market decline on December 9, 2024 is due to several factors:
1. Regulatory pressures: Some countries announced new measures to restrict the use of cryptocurrencies, which worried investors and led to heavy selling in the market.
2. Fraud: The market witnessed phishing scams, where investors lost large amounts of money, which affected investors’ confidence in the overall security of the market.
3. Economic tensions: Expectations of interest rate hikes in global markets, such as the Bank of Japan and the Federal Reserve, rose, which made investors move towards safer assets, such as bonds, at the expense of cryptocurrencies.
4. Decline in major currencies: Bitcoin and Ethereum, the two largest cryptocurrencies, witnessed significant declines as a result of heavy selling, which affected the market as a whole.
These factors serve as a reminder for investors to be cautious, especially in a highly volatile market such as the cryptocurrency market.