Why is Crypto market Down Today? $1.4B ETH Hack The Reason?
Judging from the current market sentiment and ongoing liquidation, the cryptocurrency market is now collapsing. However, this market collapse has occurred after several positive developments in recent days. The price decline across the entire cryptocurrency landscape appears to be shifting overall sentiment to the bearish side, resulting in a billion-dollar cryptocurrency clearing worth of $1 billion in the past 24 hours.
Valued at $544 million, value crypto clearing
Data from Chain Analytics Company, Small shop Public positions worth more than $544 million were reportedly eliminated during the market decline. These massive liquidations may cause fear among traders and investors, pushing the market towards a bearish trend.
Reasons for the crypto market
Potential reasons for this market downturn and worth millions of cryptocurrency clearings include hacking attacks on the world’s largest crypto exchange bybitrecently lost $1.4 billion worth of Ethereum (ETH), as well as economic tensions between the United States and China, Canada and other countries.
In addition, another major factor affecting bearish market sentiment and downturn is the sharp drop in Bitcoin (BTC) prices due to sales pressure and the flow of asset managers from exchange-traded funds (ETFs).
While observing the sentiment and sustained price declines in bearish markets, Tara McAulay, former co-founder of Alameda Research, appears to raise concerns about further declines and suggest that the market may experience a similar experience to 2020 The collapse of the year.
With this bearish market sentiment, the prices of major assets such as Bitcoin (BTC), Ethereum (ETH) and XRP have fallen by more than 0.45%, 1.5%, and 3.50% over the past 24 hours. In addition, this bearish price action further affected overall market sentiment, which led to a downturn in the market.
