🚩 WHY IS THE MARKET DROPPING TODAY?
The crypto market has seen a drop of -2.56% to $2.15 trillion in the last 24 hours, largely driven by the Federal Reserve's (Fed) tighter policy. There's a strong correlation (75%) with gold, indicating a shared positioning as a hedge against inflation amidst rising rate hike expectations.
📌 Main reason: The Fed's signal for prolonged high rates has dampened liquidity appetite, triggering a mass exodus from risk assets.
📌 Secondary reasons: Outflows from Bitcoin ETFs and liquidations of long positions with leverage have intensified the downward trend.
Short-term outlook: If Bitcoin holds above support in the $61K–$62K zone, a technical recovery may be possible; a break below this zone could lead to further losses with the market testing the $2.1 trillion level.
$BTC $XAUT #BitcoinETFs
The crypto market has seen a drop of -2.56% to $2.15 trillion in the last 24 hours, largely driven by the Federal Reserve's (Fed) tighter policy. There's a strong correlation (75%) with gold, indicating a shared positioning as a hedge against inflation amidst rising rate hike expectations.
📌 Main reason: The Fed's signal for prolonged high rates has dampened liquidity appetite, triggering a mass exodus from risk assets.
📌 Secondary reasons: Outflows from Bitcoin ETFs and liquidations of long positions with leverage have intensified the downward trend.
Short-term outlook: If Bitcoin holds above support in the $61K–$62K zone, a technical recovery may be possible; a break below this zone could lead to further losses with the market testing the $2.1 trillion level.
$BTC $XAUT #BitcoinETFs