Ethereum

United

Bitcoin

Reserve

Coin

<p>The post <a href="https://coinpedia.org/news/why-is-the-crypto-market-crashing-today/">Why is the Crypto Market Crashing Today?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) led the cryptocurrency market in heavy losses in the past 24 hours after a profitable February. According to data provided through Coingecko and Binance-backed Coinmarketcap, the total global cryptocurrency market capitalization shed about 7.7 percent to stand around $2.5 trillion during the early London trading session on Tuesday.</p> 
<p>Following the heightened cryptocurrency volatility, more than $526 million, with over $442 million constituting long traders, liquidated in the past 24 hours.&nbsp;</p> 
<p>On Bitcoin’s USD derivative daily chart, the instrument has already signaled short-term weaknesses after dropping below the support range between $64,500 and $65,266 in the past 24 hours. As a result, the next few weeks will likely be choppy for Bitcoin and the entire crypto market.</p> 
<h2 class="wp-block-heading" id="h-top-reasons-why-the-crypto-market-is-down-today">Top Reasons Why the Crypto Market is Down Today</h2> 
<h3 class="wp-block-heading" id="h-pre-fomc-risking-off-nbsp"><strong>Pre-FOMC Risking-Off&nbsp;</strong></h3> 
<p>On Wednesday, the United States Federal Reserve will release the highly anticipated benchmark interest rates after the past two Consumer Price Index (CPI) data show uneased inflation. Economists predict the Fed will hold on to the 5.50 percent interest rate but not decline.</p> 
<p>Nevertheless, many uncertainties have been looming as the Fed commissioners lack confidence in hiking interest rates. As a result, cryptocurrency traders have been de-risking their traders to avoid forced liquidations.</p> 
<h3 class="wp-block-heading" id="h-pre-halving-healthy-market-nbsp"><strong>Pre-Halving Healthy Market&nbsp;</strong></h3> 
<p>After Bitcoin and the cryptocurrency market registered palpable profits in the past few months fueled by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, a cooling period was expected to ensure a healthy market correction.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Some of the key <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> support levels to watch are $61,100, $56,685, and $51,530. On the other hand, critical resistance points for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> stand at $66,990 and $72,880. <a href="https://t.co/VUjzyf2xVm">pic.twitter.com/VUjzyf2xVm</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1769979649600172220?ref_src=twsrc%5Etfw">March 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to a famous crypto analyst, Ali Martinez, Bitcoin’s price will likely find a solid support level of around $61,100 in the coming weeks. In a sustained sell-off, the crypto analyst believes the support range between $51,530 and $56,685 will hold.</p> 
<h3 class="wp-block-heading" id="h-altcoin-and-meme-coin-de-risking"><strong>Altcoin and Meme Coin De-risking</strong></h3> 
<p>The altcoin market and the meme coin industry have registered significant gains recently. The notable rise of new meme coins meant an inevitable profit-taking, which has escalated the cryptocurrency sell-off.</p>

Why is the Crypto Market Crashing Today?

Table of Contents

CoinPedia News

Άλλα άρθρα που δημοσιεύτηκαν στις 19 Μαρ 2024

Bitcoin Whale Abruptly Moves 16,003 BTC After 5+ Years Silence

PEPE, SHIB, and DOGE Hit a Billion-Dollar Milestone. Is This New Memecoin Listed on Uniswap Next ...

Solana (SOL) Naik Daun: Aksi Whale dan Sinyal Bullish dari Analis Popular

Bitcoin ETF outflows hit record highs amidst market volatility

ETHFI Token Listed on Binance; Price Peaks at $5.32 ATH

Presale Success: Raffle Coin (RAFF) Draws Ethereum (ETH) & Pepe (PEPE) Investors, Sparking Early ...

Join our free newsletter for daily crypto updates!