Reason For Heavy Crypto Market Plummet: Focus on The Crypto Market ⛓️
The crypto market experienced a decline of 11.4% in its total capitalization.
Despite an encouraging start to the month, the market was faced with massive sell-offs and liquidation events driven by key factors, such as redemption distributions from the Mt. Gox platform planned for July or the transfer of substantial amounts of BTC by governments like Germany and the United States to centralized exchanges, fueling fears of a potential sell-off.
On a positive note, asset managers VanEck and 21Shares have filed the first #Solana ETFs in the US, showing optimism in a challenging market.
Chart: The total monthly capitalization of cryptos fell by 11.4% in June
