#CryptoCharts101 #CryptoCharts101
The recent crypto market crash was triggered by a combination of factors, including:-
- *Weak US Jobs Data and Recession Fears*: Weak employment data in the US and revived fears of a recession led to a significant sell-off in the crypto market, resulting in a $500 billion plunge in just three days.
- *Federal Reserve Policy*: The continuation of quantitative tightening policies and the unlikelihood of near-term interest rate cuts made risk assets like cryptocurrencies less attractive.
- *Stock Market Correlation*: The recent weakness in traditional financial markets, including a 2% drop in the S&P 500, negatively impacted crypto prices due to their strong correlation.
- *Exchange Security Concerns*: A security breach at Bybit, a major crypto exchange, shook investor confidence and reduced overall buying pressure.
- *Profit-Taking*: After sustained rallies in recent months, many investors decided to take profits, leading to increased selling volumes.
Some of the hardest-hit cryptocurrencies include .
- *Solana (SOL)*: Down 30.6% since July 30
- *Bitcoin (BTC)*: Down 20% in the last seven days
- *Ethereum (ETH)*: Down 28% in the last seven days
- *Meme Coins*: Tokens like Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), and Just a Chill Guy (CHILLGUY) plummeted by nearly 25%
Despite the recent crash, some analysts believe the bull cycle may continue, with potential prices reaching $270,000-$300,000 by the end of 2025. Others predict Bitcoin could rise to $150,000-$200,000 in 2025.
