The cryptography market has dropped today, global market capitalization from 1.76% to 3.88 billions of dollars. While Bitcoin remains close to its recent peaks, many altcoins are undergoing high sales pressure. Here is a ventilation of what causes the sudden crash.
Altcoins takes the greatest success. Ethereum (ETH) is negotiated at $ 3,779.85, sliding 2.53% on the last day. XRP dropped by 4% per day, even if it remains more than 10% for the week, at the currently price of $ 3.12. Solana (soil) and BNB are both dropped by more than 2.4% per day. Cardano (ADA), at a price of $ 0.7878, is down 6.17% in 24 hours and lost 10.81% during the week.
Dogecoin (Doge) also took a hard blow, down 7.64% today. Similarly, Sui (Sui) fell 8.30% today. Overall, the performance of the red zone of the market show the reaction of investors, taking profits after recent gatherings and the pressure of current regulatory uncertainties.
Reasons behind the recent crash
One of the reasons for the decline can be the decision of the dry in the United States to suspend the approval of the new ETFs for altcoins. While the FNB Bitcoin and Ethereum have received the green light, the ETF Altcoin are still in limbo.
Experts and merchants expected the ALTCOIN ETF approval soon, hoping that it would earn fresh money and increase prices. But now, without a clear calendar, investors take a step back and choose to wait, creating panic sales on the Altcoin markets.
In addition, many altcoins have doubled or even tripled in value in recent months. Now that Bitcoin is consolidated near its level of resistance of $ 120,000, traders put their benefits from Altcoins to Bitcoin, which is considered to be a “safer” asset. This rotation of money lowers the prices of the Altcoin.
