Why did the crypto market plummet today?
My friends, the crypto market plummeted today. What happened?
First of all, the surge in A shares attracted many cryptocurrency traders to withdraw funds and switch to the stock market. This behavior became the fuse for the crypto market to plummet. Many people saw the good performance of A shares and chose to withdraw funds from the crypto market and enter the stock market to find opportunities. This undoubtedly brought huge pressure to the crypto market.
In the evening, the US stock market also plummeted. This once again caused a chain reaction in the crypto market. The crypto market has always been inextricably linked to the global financial market. The decline of US stocks has frustrated investors' confidence and further exacerbated the turmoil in the crypto market.
In this case, how should we view the future of the crypto market? Is it a short-term adjustment or a long-term trend change?
