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Bitcoin$BTC has dropped below $60K, and Ethereum$ETH is not far behind. Here’s why:
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Economic pressures: High inflation and interest rate hikes by the Fed are pushing investors away from risky assets like cryptocurrencies.
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Stock market declines: Global stock market declines, especially in tech, are dragging cryptocurrencies lower.
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Clearances and geopolitics: Massive selloffs and tensions in the Middle East are adding fuel to the fire.
Bitcoin trading Stock heat map
Open a short position What now?
This drop is a reminder of how crazy the cryptocurrency ride can be, especially when the global economy is in turmoil. A rebound may happen, but no one can predict when.
How to profit from a market downturn? 🤔
No matter where the market is headed, traders focus on price action — whether it’s up or down. Consider reading our article on trading during a market downturn to stay ahead of the curve!
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