š„š„š„ Why Crypto Market is #crashing ?
Crypto Market Turns Bearish Amid Election Uncertainty and FOMC Meeting
Rising uncertainty, including U.S. election turmoil, an attempted assassination on Donald Trump, and the upcoming Federal Open Market Committee (FOMC) meeting, has caused the crypto market to drop. Bitcoin fell below $60K, Ethereum under $2,400, and XRP below $0.60, with overall market cap decreasing from $2.1 trillion to $2.03 trillion.
Bitcoin dropped amid fears of the first rate cut since 2020. Analysts note Bitcoin holding above $58,500 as key to avoiding further downside. A $35 million liquidation hit longs, and sideway movement is expected around $59,000 until the FOMC decision, with hopes for a 50 bps cut to fuel a rally.
Ethereum's Struggles
Ethereum dropped below $2,300 due to whale activity, with analysts warning of a potential fall to $1,800 if support fails. $ETH has declined 6% in 24 hours.
Altcoin Reactions
Altcoins also fell:
-$XRP : $0.572 (-23.16% in volume)
- Solana: $131.01 (-3.82%)
- #Dogecoinā¬ā© : $0.1017 (-2.84%)
The global crypto market cap dropped 2.9% to $2.04 trillion, with investor caution ahead of the FOMC meeting. Rebound hopes remain by month-end, but sentiment is cautious.
Source - coinpedia.org
