Here are some reasons why the crypto market is down today ¹ ² ³ ⁴:
- Federal Reserve chief Neel Kashkari’s comments about only expecting one rate cut in 2024, contrasting expectations of at least two rate cuts.
- Higher U.S. Treasury yields reduce the appeal of riskier assets like cryptocurrencies.
- Bitcoin ETF outflows continue, indicating a decrease in investor appetite.- Long liquidations overpower short ones, resulting in force