Crypto market bleeds $270 billion in hours: Is the historic rise collapsing or hiding surprises? ↙️↙️
The crypto market is experiencing a sharp decline, having lost more than $270 billion in market value in less than 24 hours. This decline is attributed to several reasons, including:
✅- *Profit Taking*: After Bitcoin reached its all-time high of $122,838 on July 14, investors began taking profits, leading to a decline in prices.
✅- *Institutional Withdrawals*: Bitcoin spot ETF funds recorded outflows over three consecutive days totaling $285 million, reflecting a cautious stance among institutional investors.
✅- *Decline in Altcoin Season Indicators*: The Altcoin Season Index did not exceed 41 out of 100, indicating that most altcoins are still underperforming compared to Bitcoin.
✅- *Global Trade Tensions*: The possibility of new U.S. tariffs increases anticipation and caution among investors.
🚨*Affected Cryptocurrencies:*
👈- *Bitcoin*: Stabilized at $118,000 after losing its support level at $120,000.
👈- *Ethereum*: Fell by 3.3%.
👈- *Ripple (XRP)*: Decreased by more than 10.8%.
👈- *Binance Coin (BNB)*: Dropped 4.3%.
👈- *Solana (SOL)*: Lost 8.1% of its value.
*What does this mean for the market?*
It is unclear whether this decline is the beginning of a collapse of the historic rise or merely a natural correction. This depends on several factors, including global economic performance and developments in monetary policy. It is important for investors to closely monitor the market and make informed decisions.
