The crypto market is facing a downturn due to several factors.
Here's a full update:
- Escalating trade wars and tariffs imposed by the US government have led to increased market volatility ¹.
- Massive long liquidations ($257 million in 24 hours) have amplified the sell-off, with Bitcoin and Ethereum being heavily affected ¹.
- A prevailing bearish technical setup, including a rising wedge pattern, signals a potential further downturn ¹.
- Global economic uncertainty and fears of inflation have also contributed to the decline ¹.
- Crypto market capitalization has dropped by 0.91% to around $2.77 trillion .
- Bitcoin's price is correlated with traditional risk markets, exacerbating the decline .
