"Cryptocurrency Market Down: Between the Impact of Economic Factors and Speculations of CZ Unfollowing Musk"
The cryptocurrency market's decline in the past few hours does not appear to be directly related to the news of CZ unfollowing Elon Musk. The main reasons
identified for this decline include broader economic
and regulatory factors, such as the German authorities selling Bitcoin
seized from financial crimes, and the Mt. Gox platform announcing the start of returning customer dues, which increased the supply of cryptocurrencies in
the market. Concerns about the slowdown in demand for cryptocurrency exchange-traded funds and uncertainty about monetary policy also contributed to the pressure on the market.
In addition, the combined market capitalization of cryptocurrencies fell by about 13.4% in four days, with notable losses in Bitcoin and Ethereum due to the decline in general confidence in the market and some large sales.
Unfollowing CZ may have generated media hype, but it is not among the main reasons for this recent decline.
