Red Bloodbath all around in the Crypto Market? Why?
Everyone is busy finding the answer to only one question. Why the market is in Red all of a sudden.
You also want to know the reasons, right?
Here are 3 Reasons why the Crypto Market is in Red:
- Miners have unloaded 5000 BTC in one week’s timeframe.
The Crypto Market is in Red, with Bitcoin Crashing below $33k and similarly Ethereum below $2.5k. This downward trend is a bearish indicator for the market, & popular analyst William Clemente III has identified that miners have sold more than 5000 BTC in the last week, which will be worth around $164 million (at current prices).
Both Ethereum & Bitcoin markets have crashed almost 15% after reaching local high points of $2,900 and $39,600 on June 3.
According to June 7 report from Coinshares, Bitcoin Investment products has seen a record outflow of the capital of around $141 Billion from the past week and Ethereum Investment Products saw an inflow of $22 Million.
2. The Elon Effect
A reputed trader & technical analyst, “Rekt Capital” has blamed Elon Musk and Tesla for the downward trend of Bitcoin.
Explanation of Elon Effect by Rekt Capital
3. Fears of Regulatory actions by the US
Due to recent ransomware attacks, lawmakers and politicians are now concerned about Cryptocurrency regulations and steps to stop criminal activities using Cryptocurrencies. So, FUD amongst retail investors due to regulatory Fears may have stopped them to get involved in crypto for now.
The whole crypto market is almost down as BTC is in a downward trend. So, the coins that are affected by this bloodbath are:
ETH is down by 10%
BNB is down by 13%
ADA is down by 11%
DOGE is down by 13%
And the list goes on and on…
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