Crypto Market Crash Today: Inflation Fears and Regulatory Uncertainty
As global investors respond to a combination of macroeconomic constraints, regulatory concerns, and changing market sentiment, the cryptocurrency market is currently seeing steep falls. The two biggest digital assets, Bitcoin and Ethereum, are driving the decline and pushing other cryptocurrencies lower. Hotter-than-expected inflation figures, profit-taking following recent gains, and continued uncertainty around international rules are cited by analysts as the main causes of the sell-off. As the market is once again dominated by volatility, traders are wondering why the cryptocurrency market is down today and what will happen next.
Cryptocurrency Market Stabilizes After Sharp $25B Drop
The total value of the cryptocurrency market has dropped by $25.8 billion during the past day, to $3.92 trillion. At the moment, it remains above the $3.97 trillion critical support level. For the larger cryptocurrency market to remain stable, this range is essential. It appears that the steep decline that occurred 48 hours ago is abating, giving cryptocurrencies a much-needed respite. The market could recover and gather momentum during this lull. The market cap (TOTAL) may therefore increase once more, enhancing the state of the market as a whole.
BTC Eyes Recovery: Relative Strength Index Signals Bullish Momentum
The price of Bitcoin is at $117,500 right now, staying above the critical $117,261 support barrier. In the last 48 hours, there has been a drop, with Bitcoin leading the way. Investors are keeping a careful eye on these levels for indications of future movement. In the positive zone, the relative strength index (RSI) is presently above the neutral level. This suggests that the Bitcoin bullish momentum is still strong, which may aid in the price recovery of the cryptocurrency. Bitcoin might surge higher if the trend holds and it regains $120,000 as support. On the other hand, Bitcoin’s price may drop through the $117,261 support if selling pressure develops.
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