#MarketTurbulence

These are the main reasons and news that triggered the sudden drop today

A statement from the Chairman of the U.S. Federal Reserve, Jerome Powell, that an interest rate cut may be delayed due to inflation remaining above target, and that the U.S. economy is still strong.

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

💵 Movement of the U.S. Dollar Index (DXY)

After the Fed'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 over 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 currencies.