Toncoin

Avalanche

<p>The post <a href="https://coinpedia.org/news/why-is-the-crypto-market-down-today-5/">Why is The Crypto Market Down Today?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After a brief period of recovery, the crypto market has experienced another setback characterized by a decline in overall trading volume to $63.63 billion, the lowest in weeks. This downturn is underscored by a 17% decrease in the total volume within a day, coupled with a drop in the overall crypto market cap to $2.3 trillion and a shift away from bullish sentiments on the fear and greed index.</p> 
<h2 class="wp-block-heading" id="h-crypto-market-outlook">Crypto <strong>Market Outlook</strong></h2> 
<p>The recent downtrend has badly affected Bitcoin and Ethereum, with Bitcoin trading at $62,309.95 following a 2% fall and Ethereum at $2,999.41 after a 2.2% drop. This downward trend appears to be continuing, impacting other cryptocurrencies as well. </p> 
<p>On May 7, the total cryptocurrency market cap held steady at $2.35 trillion, with Bitcoin slightly up at $63,550. However, other major cryptocurrencies like Ether, XRP, Dogecoin, Cardano, Toncoin (TON), and Avalanche experienced modest declines ranging from 0.5% to 2.5%. These decreases were largely attributed to growing uncertainty in traditional markets.</p> 
<h2 class="wp-block-heading" id="h-factors-leading-to-crypto-freefall"><strong>Factors Leading to Crypto Freefall</strong></h2> 
<p>Here are several factors that contributed to today’s crypto market decline. The market has been stagnant for weeks, with little upward movement. However, today’s fall was triggered by new regulatory concerns in the crypto market. A decrease in Bitcoin Futures ETF and exchange inflow has further dampened investor sentiment, leading to bearish conditions.</p> 
<h3 class="wp-block-heading" id="h-sec-disrupting-the-crypto-market"><strong>SEC Disrupting the Crypto Market</strong></h3> 
<p>Firstly, regulatory issues are back, worrying investors. The SEC has served well <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001783879/b2282418-56e4-426d-aff6-761967847c9c.pdf">notice </a>to Robinhood for breaking securities laws. In response, Robinhood has stopped supporting certain cryptocurrencies that the SEC says are securities. This is similar to Robinhood’s before when other exchanges faced regulatory problems.</p> 
<h3 class="wp-block-heading" id="h-lower-bitcoin-future-etf-outlfows"><strong>Lower Bitcoin Future ETF Outlfows</strong></h3> 
<p>The market has high aspirations with Bitcoin and Ethereum ETFs in Hong Kong; however, Bitcoin Futures ETF outflows over the past four weeks have weakened the market. The outflows have affected Bitcoin’s price and popularity, with $284 million in outflows affecting the market.</p> 
<h3 class="wp-block-heading" id="h-bitcoin-trade-influx-charge-is-decade-low"><strong>Bitcoin Trade Influx Charge is Decade Low</strong></h3> 
<p>Moving on the decade-low inflow rate of Bitcoin among exchanges has gone down to the levels last seen in 2015, suggesting a shift in broader market trend. Long-term holders have stopped selling, opting instead to reaccumulate Bitcoin, potentially signaling a move toward an accumulation phase.</p> 
<h3 class="wp-block-heading" id="h-analyst-says-btc-to-take-a-nosedive"><strong>Analyst Says BTC to Take a Nosedive</strong></h3> 
<p>Some experts think Bitcoin might drop below $50,000 before rising again to new highs. They believe the market is entering a phase where people accumulate Bitcoin, which could mean more ups and downs and chances for investors to make gains in the future.</p>

Why is The Crypto Market Down Today?

Table of Contents

CoinPedia News

Other articles published on May 8, 2024

Must-buy Altcoins To Have in Your Portfolio in 2024 to Become Filthy Rich

Quantum Computing Revolutionizes Energy, Agriculture, and Material Science

Ethereum (ETH) Users Face Potential Impact from SEC’s Anti-Crypto Stance, Warns Billionaire Josep...

‘What has Bitcoin ever done for mankind?’ – BTC’s lull irks investors

Trump Hosts NFT Owners at Mar-a-Lago

Shiba Inu (SHIB) Experiences 7% Drop in Open Interest: Predictions for Potential Rebound

Join our free newsletter for daily crypto updates!