Why crypto currency market Down 🤔?

The cryptocurrency market experienced a significant downturn on August 3, 2024, due to several key factors:

1. Regulatory Pressures: Increased regulatory scrutiny in major markets, including potential new regulations in the US and Europe, has spooked investors, leading to a sell-off.

2. Macroeconomic Concerns: Recent economic data points to a potential slowdown, causing investors to move away from riskier assets like cryptocurrencies.

3. Market Sentiment: A drop in trading volumes and negative sentiment have exacerbated the decline.

4. Liquidations: A wave of liquidations as investors sought to cut their losses further contributed to the downturn

These combined factors have led to a sharp drop in cryptocurrency prices, affecting major coins and tokens across the board.