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 the Federal Reserve Chairman Jerome Powell that interest rate cuts may be delayed due to inflation remaining above target, and that the US economy is still strong.
➡ This led investors to expect continued tightening of monetary policy, and thus sell high-risk assets like 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 its investment appeal.
📊 Negative economic data from China
It was announced that China's industrial production growth declined more than expected, causing global concern about demand and emerging markets.
🤖 Automated selling from whales and hedge funds
As the price fell below important support levels for Bitcoin (such as $58,000), large sell orders were triggered, accelerating the drop and affecting all cryptocurrencies
