Why Cryptocurrency Market Crash?
1. Ethereum Upgrade Disappoints: The recent Ethereum upgrade did not meet expectations, leading to a drop in the price of ETH. Many anticipated significant changes post-upgrade, but the results were underwhelming.
2. Interest Rate Cuts by Central Banks: Central banks in Canada and Europe have recently cut interest rates, signaling potential economic troubles. This news caused panic, affecting the cryptocurrency market as well.
3. Slower Than Expected Rate Cuts: While many expected rapid interest rate cuts, the pace has been slower than anticipated. This discrepancy created uncertainty and contributed to the market downturn.
4. Strict SEC Regulations: The U.S. Securities and Exchange Commission (SEC) has imposed stringent regulations on cryptocurrencies, causing dissatisfaction within the crypto community. The regulatory environment has shaken confidence and negatively impacted the market.
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