Ethereum

Fractal ID

Bitcoin

Impact

Rekt

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/why-is-the-crypto-market-down-today-here-are-the-key-factors/">Why Is The Crypto Market Down Today? Here Are The Key Factors</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
In the early Asian trading period on Tuesday, the total cryptocurrency market cap retraced approximately 2 percent, falling to about $1.13 trillion. This decline resulted in over $111 million being liquidated within the crypto market during the past 24 hours, with long traders taking the biggest hit. Despite the recent excitement surrounding the launch of an Ethereum futures ETF, the crypto market struggled to gather the bullish momentum it needed. 
According to the latest data from the crypto market, Bitcoin (BTC) and Ethereum (ETH) experienced drops of approximately 1.7 percent and 3.5 percent, respectively, in the past 24 hours. 
<h2 class="wp-block-heading" id="strong-key-factors-for-the-crypto-market-s-decline-strong">Key Factors for the Crypto Market’s Decline</h2> 
The crypto market has evolved into a complex industry influenced by various factors. However, several prominent reasons for the recent retracement in the past 24 hours exist. 
1. Death Cross Impact 
From a technical perspective, Bitcoin is facing significant bearish pressure in the short term due to daily and weekly death crosses between the 50 and 200 Moving Averages (MA). Notably, Bitcoin’s price closed Monday below the 200 MA. Furthermore, it remains below the weekly 200 MA, which has extended the bearish outlook. 
2. Bearish Bitcoin Fractal 
Prominent digital asset analyst Rekt Capital suggests that Bitcoin’s price is on a path to $20,000 amid a bearish fractal formation. This bearish fractal envisions the price rallying to as high as around $29,000 before retracing below $25,000. 
3. SBF Trial Pending 
The crypto market is anxiously awaiting the outcome of the trial of Sam Bankman-Fried (SBF), the former FTX boss, accused of orchestrating one of the most significant modern American corporate failures involving blockchain technology. This legal battle carries significant implications for the market and has created an atmosphere of uncertainty. 
As the cryptocurrency market grapples with these challenges, traders and investors continue to monitor developments closely, seeking insights and opportunities amidst the volatility. A combination of technical factors, market sentiment, and the outcome of the SBF trial will likely shape the next moves in the crypto market.

Why Is The Crypto Market Down Today? Here Are The Key Factors

Table of Contents

CoinPedia News

Other articles published on Oct 3, 2023

Last Week Saw Inflows into Crypto Funds Led by Bitcoin!

IOTA Unveils New Era 2.0, $100 Million in Crypto Shorts Destroyed as Bears Lose Their Ground, 800...

24 Crypto Update, 02 Oct: Crypto Market Plunges as Bears Take Control

Same Day Loans: Four Common Mistakes to Avoid

Halving 2024: Market Boom and Unique Opportunity to Double Your Portfolio with Cannafarm Ltd

Litecoin Price Prediction as LTC Spikes Up 2.9% – Here are Key Levels to Watch

Join our free newsletter for daily crypto updates!