đ¨ Why crypto market is down?
The crypto market opened sharply in the red today, with total market capitalization dropping by 1.5% to $2.03 trillion. The downturn is largely driven by disappointing US manufacturing data, which indicated contraction for the fifth consecutive month. This weak economic data fueled a sell-off in the stock market, with the S&P 500 down 1.8% and the Nasdaq sliding 2.9%.
The weakness in equities spilled over into the crypto market, with Bitcoin (-1.6%) and Ether (-3.4%) experiencing notable declines. Additionally, over $100 million in long liquidations across crypto derivatives markets intensified the selling pressure. With a weakening market structure, the crypto market may face a deeper correction, potentially testing the $1.875 trillion support level in the coming weeks.
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