• Latest
  • Trending
  • All
Top Reasons Why the Crypto Market Is Down Today!

Top Reasons Why the Crypto Market Is Down Today!

April 20, 2023
Set To Outshine Litecoin (LTC) And THORChain (RUNE) In Market Achievements?

Set To Outshine Litecoin (LTC) And THORChain (RUNE) In Market Achievements?

December 3, 2023
Bitcoin’s top of funnel is becoming less noisy, suggests Swan Bitcoin CEO

Bitcoin’s top of funnel is becoming less noisy, suggests Swan Bitcoin CEO

December 3, 2023

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed

December 3, 2023
Court Rejects Appeal to Dismiss Class Action Suit against Terraform Labs and Do Kwon

Court Rejects Appeal to Dismiss Class Action Suit against Terraform Labs and Do Kwon

December 3, 2023
Companies Find New Use for Cryptomining GPUs

Companies Find New Use for Cryptomining GPUs

December 3, 2023
Ethereum, Dogecoin, and Meme Moguls in December 2023

Ethereum, Dogecoin, and Meme Moguls in December 2023

December 3, 2023
Ethereum Top 10 Whales Now Control 41 Million ETH, A Record

Ethereum Top 10 Whales Now Control 41 Million ETH, A Record

December 3, 2023
ChatGPT Altcoinlerin Geleceğini Tahmin Ediyor: Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Polkadot (DOT) Yükselen Pazarda

ChatGPT Altcoinlerin Geleceğini Tahmin Ediyor: Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Polkadot (DOT) Yükselen Pazarda

December 2, 2023
Idle (IDLE) has a Very Bullish Sentiment Score, is Rising, and Outperforming the Crypto Market Saturday: What’s Next?

Idle (IDLE) has a Very Bullish Sentiment Score, is Rising, and Outperforming the Crypto Market Saturday: What’s Next?

December 2, 2023
Gaming-Focused Ethereum (ETH) Sidechain Ronin Integrates Binance Pay To Enable Easier Wallet Funding

Gaming-Focused Ethereum (ETH) Sidechain Ronin Integrates Binance Pay To Enable Easier Wallet Funding

December 2, 2023
Bitcoin: What rising outflows mean for BTC prices

Bitcoin: What rising outflows mean for BTC prices

December 2, 2023
Tokens and login sessions in IBM Cloud

Tokens and login sessions in IBM Cloud

December 2, 2023
Sunday, December 3, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Market

Top Reasons Why the Crypto Market Is Down Today!

by Cuevas Antonio
April 20, 2023
in Market
0
Top Reasons Why the Crypto Market Is Down Today!
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


The crypto market is going down today! Bitcoin & Ethereum prices have plunged below $29,000 and $2000, respectively. The market outcomes come in line with the aftermath of the most awaited Ethereum Shapella upgrade. The total market capitalization has dropped by nearly 5% and is speculated to drop below $1.2 trillion if the bearish trend continues. 

But what caused the crypto markets to drop?

Amid the times when well-known analysts believed that the BTC price was on the verge of triggering a notable bull run, the crypto markets flipped and plunged hard following regulatory concerns and displaying signs of weakness within the markets. While Bitcoin was on its way to reaching levels beyond $30,500, the current plunge caused the price to trade at a 7-day low. 

The bearish outcome kicked in ever since SEC Chair, Gary Gensler refused to answer whether Ethereum was a commodity or not. He appeared before the United States House Financial Services Committee for an oversight hearing. Despite repeated requests, Gensler refused to answer, which spooked the investors. 

Secondly, the FED Reserve Chair issued a statement saying that he is committed to reducing inflation by hiking interest rates. Although the markets continue to remain fearful of the recent bank crisis, the FED chair appears to be poised to bring down inflation to 2%.

“We remain committed to bring inflation back down to our 2% goal and keep longer-term inflation expectations well anchored. Reducing inflation is likely to require a period of below-trend growth and some softening of labor market conditions. Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run,”

What’s Next with the Bitcoin Price?

Although the market conditions are currently in favor of the bears while the bulls remain passive, the Bitcoin price appears to be bullish from a larger perspective. The BTC parabolic play is still in action, and the current correction appears to be important for the next bullish rally. 

Therefore, a popular analyst, Captain Faibik, believes that the path to $38,000 continues to be in play. 

Collectively, Bitcoin prices continue to remain under the bullish influence as long as they sustain above the crucial support levels. Moreover, the fractals indicate a massive retest of the previous highs could still be valid as the token carries a hidden bullish divergence that may be triggered after achieving certain levels.  



Source link

Tags: CryptomarketReasonsTodayTop
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Set To Outshine Litecoin (LTC) And THORChain (RUNE) In Market Achievements?

Set To Outshine Litecoin (LTC) And THORChain (RUNE) In Market Achievements?

December 3, 2023
Bitcoin’s top of funnel is becoming less noisy, suggests Swan Bitcoin CEO

Bitcoin’s top of funnel is becoming less noisy, suggests Swan Bitcoin CEO

December 3, 2023

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed

December 3, 2023

Recent News

Set To Outshine Litecoin (LTC) And THORChain (RUNE) In Market Achievements?

Set To Outshine Litecoin (LTC) And THORChain (RUNE) In Market Achievements?

December 3, 2023
Bitcoin’s top of funnel is becoming less noisy, suggests Swan Bitcoin CEO

Bitcoin’s top of funnel is becoming less noisy, suggests Swan Bitcoin CEO

December 3, 2023

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed

December 3, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Crypto Mining
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Defi
  • Dogecoin
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Litecoin
  • Market
  • News
  • Sports
  • Uncategorized
  • Web 3.0
  • World

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved