๐Ÿ” Key Factors Behind the Crypto Market Decline

1. Geopolitical and Economic Uncertainty

Renewed global geopolitical tensions and macroeconomic uncertainties have led to a broader decline across the cryptocurrency market.

2. Regulatory Developments

The U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Binance, signaling a shift in regulatory enforcement. Simultaneously, the U.S. House of Representatives introduced the Digital Asset Market Clarity (CLARITY) Act, aiming to establish a formal regulatory framework for digital assets.

3. Market Corrections and Liquidations

High-leverage long liquidations and technical resistance near key price levels have contributed to the market's decline. Analysts suggest that the market is undergoing a correction rather than a bearish reversal.

4. Memecoin Controversies

The manipulative nature of memecoins, particularly those promoted by celebrities, has raised concerns about their legitimacy and impact on the broader crypto market.

๐Ÿ“‰ Current Market Snapshot

Bitcoin (BTC): $104,238 (-2.4%)

Ethereum (ETH): $2,547.95 (-3.6%)

XRP: $2.16 (-5.3%)

Dogecoin (DOGE): $0.1959 (-10.7%)

Shiba Inu (SHIB): $0.0000129 (-8.6%)