Cryptocurrency Drop Today (December 9, 2024)
It is due to a set of factors affecting the market in general:
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1. US Dollar Rise: The US dollar has seen a remarkable recovery, with its index (DXY) rising after hitting its lowest levels in recent months. This rise puts pressure on alternative assets such as cryptocurrencies, as they become less attractive compared to the dollar.
2. Market Correction: After a recent bull run, the market has seen a natural correction as a result of widespread selling, especially by investors who hold currencies for long periods (long-term holders). Such selling usually indicates potential future volatility.
3. The state of the global economy: With inflation continuing and interest rates being raised by central banks, investors are moving towards more stable assets, which weakens the risk appetite in the cryptocurrency market.
4. Regulatory tensions: Cryptocurrencies are experiencing regulatory pressures, such as investigations into major trading platforms, which raises investor concerns and prompts them to withdraw or wait.
5. Environmental factors and general concerns: Concerns about energy consumption and the impact of mining on the environment continue to influence the decisions of some investors, further depressing the market.
If you are an investor, it is important to follow the news and economic reports and avoid making hasty decisions.
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