Crypto crash: why are Bitcoin and altcoins going down today?
Main Idea
A crypto crash is occurring due to profit-taking by investors, leading to significant losses in Bitcoin and altcoins.
Key Points
1. The crypto market has lost over $200 billion, with Bitcoin dropping below $116,000 and altcoins like Pump, Pudgy Penguins, and Dogwifhat performing poorly.
2. Profit-taking is the primary reason for the crash, as many cryptocurrencies had recently surged by double digits, with Bitcoin up 65% and Ethereum up 175% from their April lows.
3. Despite the crash, Bitcoin and altcoins like XRP and Ethereum remain above their 100-day and 200-day moving averages, indicating they are still higher than recent averages.
4. The Federal Reserve's upcoming interest rate decision is mentioned as a potential factor influencing the market.
5. Analysts suggest that the buying of Bitcoin and Ethereum ETFs and potential Federal Reserve actions could lead to a rebound in crypto prices.
Description
A crypto crash is underway, affecting millions of investors who are betting on a continuation of the bull run. The market capitalization of all coins has dropped from over $4 trillion last week to $3.8 trillion today, indicating a loss of over $200 billion in assets. Bitcoin price has crashed below $117,000, while some of the top laggards were altcoins like Pump, Pudgy Penguins, Dogwifhat, Jupiter, Virtuals Protocol, and Fartcoin. This is notable since these altcoins were among the best performe...
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