2024

Satoshi

RebelSatoshi

Coin

<p>Are you a crypto trader or investor? Well, you didn’t wake up happy this morning.</p> 
<p>The crypto market is down around 3.5% in the last 24 hours, but the major downturn happened during nighttime (CET).</p> 
<p>At 3:29 AM CET, Watcher Guru reported that $100 million was liquidated from the crypto market in the last 30 minutes.</p> 
<p>Considering most Europeans were asleep during this time, the liquidation was likely done by US investors.</p> 
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   <p lang="en" dir="ltr">JUST IN: $100 million liquidated from the cryptocurrency market in the past 60 minutes.</p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1816284483223490732?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">July 25, 2024</a>
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<h2 class="wp-block-heading" id="possible-reasons-for-the-downturn">Possible Reasons for the Downturn</h2> 
<p>LookOnChain just reported that in the past 24 hours, Grayscale transferred $485.6M to <a href="https://captainaltcoin.com/coinbase-review/" target="_blank">Coinbase</a>, and received $14.8M from CoinbasePrime, with a net outflow of 135,662 $ETH or $470.8M!</p> 
<p>However, Grayscale still holds $7.9 billion in Ethereum.</p> 
<p>Ethereum plunged around 8% today, so ETH is now trading below $3,200 after trading over $3,500 for the past week.</p> 
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   <p lang="en" dir="ltr">In the past 24 hours, <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Grayscale</a> transferred 140,044 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($485.6M) to <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#CoinbasePrime</a>, and received 4,382 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($14.8M) from <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#CoinbasePrime</a>, with a net outflow of 135,662 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($470.8M)!<br><br>According to <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Grayscale</a>'s website, <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Grayscale</a> currently holds 2,489,075 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($7.9B).… <a href="https://t.co/2LYaRinh4h" target="_blank" rel="nofollow">pic.twitter.com/2LYaRinh4h</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1816315780398735451?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">July 25, 2024</a>
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<p>Despite Grayscale’s selloff, another reason for the plunge could be the “sell the news” event around ETH ETFs that happened with Bitcoin in January too.</p> 
<p>As a reminder, Bitcoin price plunged to from $46k to below 40k after Bitcoin ETFs started trading, and we now have a similar story with Ethereum too.</p> 
<p>The BTC price plunged around 2.7%, which is significantly less than Ethereum. This indicates ETH ETFs were likely a factor in the downturn as well. So, if the history of ETFs approvals though us anything, Ethereum could hit new ATH in the next 2 to 3 months.</p> 
<p>However, there’s still <a href="https://captainaltcoin.com/analysts-forecast-bullish-breakouts-for-pepe-and-dogwifhat-wif-meme-coins-heres-their-outlook/" target="_blank">positivity among crypto traders</a> that this bloodbath is only temporary and we might see positive movements from the market in the last 5 months of 2024.</p> 
<p><em><strong>Read also: <a href="https://captainaltcoin.com/top-analyst-lists-6-reasons-why-ripple-xrp-price-will-pump/" target="_blank">Top Analyst Lists 6 Reasons Why Ripple XRP Price ‘Will Pump’</a></strong></em></p> 
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="nofollow">FREE Telegram group.</a></strong></em></p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-34/">Why Is The Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is The Crypto Market Down Today?

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