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Why Crypto Market is Down Today? Bitcoin below $95,000
The crypto market has been witnessing a drastic fall, with Bitcoin plummeting 11.25% in the past three days, wiping off almost $12,000 from its value and currently trading at approximately $94,715. This significant downturn has led to a massive liquidation of around 334k traders who lost a staggering $1.10 billion in the last 24 hours alone.
The primary cause behind this crypto market plunge is attributed to Bitcoin’s unexpected fall. As the largest cryptocurrency by market capitalization, its movements have a ripple effect on the broader market. The ETH/USDT pair has seen the most significant liquidation with a value of $15.80 million, while long traders have lost an astonishing $929.16 million.
Market analysts are now cautioning traders to be extra vigilant and protect their funds during these volatile times. With the price hovering around its last remaining support, a further fall could see Bitcoin slide towards $91,900, which is closely tied to the 20-moving average.
As trading activity has seen an increase of 13.77%, it’s essential for investors to be aware of market trends and position themselves accordingly. The community is eagerly awaiting big buys from whales, who typically accumulate assets during market dips. However, this volatility also poses significant risks for traders, and prudence is advised.
In the midst of this turmoil, Morocco has announced its plans to collaborate with the IMF and World Bank to create a successful regulatory framework for cryptocurrencies, which could have far-reaching implications for the global crypto landscape.
Meanwhile, some altcoins have seen a resurgence in value despite the overall market downturn. Despite these gains, investors are advised to exercise caution and carefully assess the fundamentals of each project before making any investment decisions.
Stay tuned for further updates on this developing story as it unfolds.
Source: Coinpedia
Source: coinpedia.org
