Why is the cryptocurrency market down today (Aug 18)?
Following recent news of Elon Musk’s SpaceX selling its Bitcoin holdings, the cryptocurrency market has experienced a significant drop in market capitalization. Here are the key points:
– The crypto market has seen a decrease of over $62 billion, dropping from $1.1 trillion to $1.037 trillion in just a few hours.
– Bitcoin has dropped below $27,000, losing nearly 7% on the daily chart and experiencing losses of close to 10% in the past week and over 11% in the past month.
– Ethereum has also dipped, currently trading at $1,691.82, down 5.5% in the last 24 hours and experiencing declines of 8.36% in the previous seven days and 11.27% on its monthly chart.
– The decline in the crypto market started with the publication of the Wall Street Journal’s report on SpaceX’s finances. However, the drop may not be solely due to this news.
– Traders liquidating crypto derivative contracts and concerns over rising Treasury yields have also contributed to the market downturn.
In conclusion, the cryptocurrency market is experiencing a significant decrease in value, likely influenced by multiple factors such as the sale of Bitcoin by SpaceX, traders liquidating contracts, and concerns over Treasury yields. Investors should be cautious and consider the speculative nature of cryptocurrency investments.
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