53
0

Why is the global crypto market crashing again?

53
0
Global Crypto Market

On June 30, the global cryptocurrency market plunged downwards after showing minor gains over the week. The global markets have crashed by nearly 3.71% over the last 24 hours. The overall market capitalization of Cryptocurrency has crashed to $ 872 Billion. The most probable reasons for this downward trend are as listed below

  • Equity Markets

The Cryptocurrency markets are directly and indirectly dependent on the equity markets. The equity markets tumbled on Tuesday. This downfall was reflected in the Cryptocurrency markets on Wednesday

  • Bitcoin Prices

Bitcoin once again dropped below the $20000 mark. Bitcoin was trading at a rate of $ 19,300 which is a 3.11% downfall in its trading rate in the last 24 hours itself. The fall in the prices of Bitcoin has severely affected the global cryptocurrency markets.

  • Changing BTC trade trend

The Bitcoin trade charts have shown various trends which reflect that Bitcoin has been closing below the 200-week moving average. Bitcoin has been closing at this rate for the last two weeks. This unique trend has been worrying analysts because such an event is unheard of until now.

  • A high sell-off sentiment in the market

The current cryptocurrency market has been losing its valuation because the majority of top coin prices are showing a declining pattern. The market volume has shown a rise of nearly 3.62 in recent days. This indicates that crypto traders are aggressively selling crypto coins.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.


Author - Govind R.