On November 26, the cryptocurrency market plummeted, what was the reason?
On November 26, 2024, the cryptocurrency market experienced a significant decline, with Bitcoin's price briefly falling below $92,000, a maximum drop of over 6%, while other cryptocurrencies such as Dogecoin also dropped over 11%.
This decline may be related to the following global factors:
(1) Market sentiment fluctuations: Recently, the cryptocurrency market experienced a rapid rise, leading investors to take profits, resulting in a price correction.
(2) Macroeconomic factors: Global economic data, inflation expectations, and changes in major central banks' monetary policies may affect investors' preferences for high-risk assets, thereby impacting the cryptocurrency market.
(3) Regulatory dynamics: Changes in regulatory policies regarding cryptocurrencies in various countries may trigger market uncertainty and affect investor confidence.
The first point is the main reason: profit-taking.
