The crypto market is bleeding... Bitcoin breaks below $75,000, and altcoins follow! [1]
Crypto markets are experiencing a sharp and sudden downturn, with Bitcoin (BTC) falling below the $75,000 mark to around $74,000. The market has lost more than $1 billion due to forced liquidations of futures contracts in just 24 hours. [1, 2, 3, 4]
Other cryptocurrencies were not immune to the decline; Ethereum (ETH) followed suit, falling below $2,150, down more than 4%, alongside varied losses among major coins such as Solana (SOL), XRP, and Cardano (ADA). [1, 2, 3]
Key reasons for the decline:
Regulatory and legislative concerns: Anxiety has grown in U.S. financial circles following the election results, amid expectations of tighter oversight of the crypto asset sector.
Institutional fund outflows: Massive outflows from Bitcoin and Ethereum exchange-traded funds (ETFs) exceeded $1 billion in recent days.
Macroeconomic pressures: Markets are awaiting U.S. inflation data (CPI) and upcoming Federal Reserve decisions on interest rates. [1, 2, 3]
While some technical analysts view the decline as a “healthy temporary correction” approaching long-term moving averages, other experts warn that failure to reclaim previous support levels could pave the way for a deeper drop toward $70,000. [1, 2, 3]
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