Why the Crypto Market Is Crashing Today: Key Factors Behind the Drop


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The post Why the Crypto Market Is Crashing Today: Key Factors Behind the Drop appeared first on Coinpedia Fintech News
In the last 24 hours, the cryptocurrency market has witnessed a damaging drop of 7.9%. Almost all the major cryptos have suffered the impact of the overall crypto market decline. Importantly, yesterday, the altcoin market sharply declined from $1.49T to $1.38T. The latest crypto trend bearish turn is seen as a consequence of the US market downfall and the strengthening of the US dollar against major currencies. Yesterday, the S&P 500 index slipped from around $5,993.96 to $5,909.02. However, experts believe that the bull trend in the crypto market remains intact. Is now the time to buy into Bitcoin’s dip? Let’s explore.
What Caused the Crypto Market Correction?
On January 7, the S&P 500 displayed a severe single day drop of 1.38%. Several prominent US stocks, Tesla and Nvidia, showed similar trends on the same day.