😱🤯The wave of panic grew in Bitcoin and Altcoins: Reasons for the declines🔻🔻🔻
You can experience a turbulent Sunday in the cryptocurrency market. While a cryptocurrency is being taken back to $57,000 levels, many altcoins are seeing double-digit declines.
The decline in #Bitcoin since the weekend deepened as the week ended. The total market value of cryptocurrencies decreased from 2 units of $126 billion to 1 unit of $975 billion today. $150 billion was erased in just a few times. The loss seen in the market since the week has reached $500 billion.
It is estimated that there are many factors immediately behind the declines. Friday's employment data fueled fears of a recession in the US economy. Following this, major indices such as the S&P 500 and Nasdaq recorded significant losses, and the cryptocurrency market took its share. In addition to the geopolitical tension of the other legs of the declines, it is evaluated that Trump's chances of winning the election have started to decrease.
In addition to all this, Jump Crypto's transactions in the market may have been hit. Jump Crypto, a crypto affiliate of algorithmic trading company Jump Trading, has transferred over $400 million in ETH to exchanges in the last two weeks. “The crazy sell-off in crypto seems to be due to the margin call area in traditional markets and therefore Jump Trading closing cryptocurrency transactions that need liquidity or are legally emerging over the weekend,” says crypto entrepreneur Julian Hosp.
According to ZeroHedge, the cryptocurrency decline is the result of a large sell order placed by a timed explosion. The report noted that the birth of the same candidate’s son was 7 days old, and that the US exchanges were entered during the entry and left open over the weekend. It is alleged that this was done in order to sell high-frequency traders (HFT) and work on short assignments, as well as to close long assignments with leverage.
