Ethereum

Cryptocurrency

Bitcoin

when

Polygon

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/factors-contributing-to-the-decline-in-cryptocurrency-markets/" data-wpel-link="internal">Factors Contributing to the Decline in Cryptocurrency Markets</a><br></p>
<p style="text-align: justify">The overall transaction volume dropping to $63.63 billion indicates a slowdown in the <a href="https://en.coin-turk.com/bitcoin-price-takes-an-upward-turn-analyst-predicts-no-drop-to-50000/" data-wpel-link="internal">cryptocurrency </a><a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a>, but other factors also demonstrate the same. The TVL fell by 17% in just one day, and the overall cryptocurrency market value dropped to $2.3 trillion. Additionally, the fear and greed index also moved away from the bulls.</p> 
<h2 id="reasons-for-the-decline-in-cryptocurrencies">Reasons for the Decline in Cryptocurrencies</h2> 
<p style="text-align: justify">As a result of the market downturn, the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">prices</a> of Bitcoin and Ethereum, along with many other cryptocurrencies, have fallen. Bitcoin is trading at $62,309.95 after a 2% drop, and Ethereum’s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> also saw a 2.2% decrease, now trading at $2,999.41. The cryptocurrency market has been moving sideways for weeks and has shown only a minor increase in the last few days. Furthermore, the decline in Bitcoin Futures ETFs and exchange inflows has created bearish conditions by lowering investor sentiment.</p> 
<p style="text-align: justify">Following a Wells notice from US regulators, the exchange Robinhood became the next target of the SEC. Consequently, the exchange decided to halt all cryptocurrencies identified or named as securities by the SEC. This is not the first time Robinhood has removed support for cryptocurrencies. Previously, when the SEC classified Cardano, Solana, and Polygon as securities involving Binance and Coinbase, Robinhood immediately removed these three cryptocurrencies.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-349013 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/bt.jpg" alt="" width="1382" height="713"></p> 
<h2 id="exits-in-etfs">Exits in ETFs</h2> 
<p style="text-align: justify">The past week marked the fourth consecutive week of increasing exits in the cryptocurrency market, with AUM falling by $251 million. These exits continued despite the launch of Hong Kong Bitcoin and Ethereum ETFs. These exits were noticeable in the case of Bitcoin, with $284 million withdrawn from the funds.</p> 
<p style="text-align: justify">The ongoing exits have diminished the popularity of the Bitcoin ETF, directly affecting Bitcoin prices. In contrast, Ethereum broke its week-long exit streak with a record entry of $30 million. Thus, the total entry rate in the first week following the launch of the Hong Kong ETFs amounted to $307 million USD. Apart from the losses in Bitcoin ETF entries, the exchange entry has receded to the lowest level in the last decade. Similar to 2015, the entry value into the Bitcoin exchange is currently only 20,000 BTC. Additionally, long-term holders have stopped distributing Bitcoin to accumulate it again.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/factors-contributing-to-the-decline-in-cryptocurrency-markets/" data-wpel-link="internal">Factors Contributing to the Decline in Cryptocurrency Markets</a></h5>

Factors Contributing to the Decline in Cryptocurrency Markets

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