#MarketTurbulence

These are the main reasons and news that triggered the sudden drop today at the following times:

📢 9:30 AM New York time (4:30 PM Jordan time)

A statement from Federal Reserve Chairman Jerome Powell that interest rate cuts may be delayed due to ongoing inflation above target levels, and that the US economy remains strong.

➡ This led investors to expect continued tightening of monetary policy, resulting in the sale of high-risk assets such as cryptocurrencies.

💵 Movement of the US Dollar Index (DXY)

After the Federal Reserve's statements, the dollar index rose sharply, which usually puts pressure on the crypto market as it reduces the attractiveness of investing in it.

📊 Negative economic data from China

A decline in Chinese industrial production growth was announced, causing global concern about demand and emerging markets.

🤖 Automated selling from whales and hedge funds

As the price dropped below important support levels for Bitcoin (such as $58,000), large sell orders were triggered, accelerating the drop and affecting all cryptocurrencies.