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Why is the crypto market down today?
Crypto market volatility rises as Bitcoin flash crashes below $93,000, with the technical setup suggesting that the upside is not over.
The cryptocurrency market took a hit today, with the total market capitalization dropping by over 3.1% to about $3.5 trillion on Dec. 6.
This sudden plunge has left many investors scratching their heads, trying to understand the core catalysts behind this downturn and whether more losses are on the horizon.
Letâs look closer at the factors driving the crypto market down today.
Investors go risk-off following Bitcoinâs flash crash
Todayâs crypto market decline is part of a correction that started during the late New York trading hours on Dec. 5 when Bitcoin
BTC
tickers down
$104,612
suddenly fell 5% within minutes to below $93,000.
Bitcoin tumbled from an all-time high of $104,000 reached on Dec. 5 on Coinbase, dropping as much as 11.5% to a seven-day low of $92,055. It has since rebounded to $98,613 at the time of publication, according to data from Cointelegraph Markets Pro and TradingView.
Related: Bitcoin sudden drop to $93K wipes out $303M of longs within minutes
The sudden decline in BTC triggered panic selling among crypto investors, with cryptocurrencies dropping across the board.
XRP
XRP
tickers down
$2.41
extended its three-day losses, dipping as low as $2.1 on Dec. 5 before recovering to the current price of around $2.29.
Other top-cap cryptocurrencies posting significant losses on Dec. 6 are BNB Chainâs BNB
BNB
tickers down
$712.45
, Dogecoin
DOGE
tickers down
$0.4064
and Cardano
ADA
tickers down
$1.08
, which are down 1.98%, 3.2% and 4.6%, respectively.
Independent analyst Jelle said that the correction was nothing out of the ordinary, as is usually the case with volatility around milestone price levels.
âThe same happened around 10k and 20k - and the price pushed higher soon after. Hold on tight and enjoy the ride. â
Crypto market volatility rises as Bitcoin flash crashes below $93,000, with the technical setup suggesting that the upside is not over.
The cryptocurrency market took a hit today, with the total market capitalization dropping by over 3.1% to about $3.5 trillion on Dec. 6.
This sudden plunge has left many investors scratching their heads, trying to understand the core catalysts behind this downturn and whether more losses are on the horizon.
Letâs look closer at the factors driving the crypto market down today.
Investors go risk-off following Bitcoinâs flash crash
Todayâs crypto market decline is part of a correction that started during the late New York trading hours on Dec. 5 when Bitcoin
BTC
tickers down
$104,612
suddenly fell 5% within minutes to below $93,000.
Bitcoin tumbled from an all-time high of $104,000 reached on Dec. 5 on Coinbase, dropping as much as 11.5% to a seven-day low of $92,055. It has since rebounded to $98,613 at the time of publication, according to data from Cointelegraph Markets Pro and TradingView.
Related: Bitcoin sudden drop to $93K wipes out $303M of longs within minutes
The sudden decline in BTC triggered panic selling among crypto investors, with cryptocurrencies dropping across the board.
XRP
XRP
tickers down
$2.41
extended its three-day losses, dipping as low as $2.1 on Dec. 5 before recovering to the current price of around $2.29.
Other top-cap cryptocurrencies posting significant losses on Dec. 6 are BNB Chainâs BNB
BNB
tickers down
$712.45
, Dogecoin
DOGE
tickers down
$0.4064
and Cardano
ADA
tickers down
$1.08
, which are down 1.98%, 3.2% and 4.6%, respectively.
Independent analyst Jelle said that the correction was nothing out of the ordinary, as is usually the case with volatility around milestone price levels.
âThe same happened around 10k and 20k - and the price pushed higher soon after. Hold on tight and enjoy the ride. â
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