Why the Crypto Market is Down Again Today
The crypto market is down again today, with most major coins seeing double-digit percentage losses.
Bitcoin (BTC) is currently trading at around $10,600, down 10% from its daily high of just over $11,800. Ethereum (ETH) is also down 10%, currently trading at $350.
So, what’s causing the crypto market to tumble once again?
There are a few potential reasons:
First, it’s worth noting that the stock market sold off sharply yesterday after the Federal Reserve announced its new monetary policy framework. While the Fed didn’t change interest rates or quantitative easing at its meeting this week, it did say that it plans to keep rates at near-zero levels until inflation reaches 2%.
The announcement sent shockwaves through the stock market, with the Dow Jones Industrial Average falling nearly 800 points.
It’s possible that the crypto market is experiencing a similar sell-off today.
Another potential reason for the crypto market’s decline could be China’s crackdown on cryptocurrency trading.
Earlier this week, Chinese regulators announced a new set of rules that will ban financial institutions and payment companies from providing services to crypto exchanges. The move sent shockwaves through the crypto world, as China has been one of the biggest markets for digital assets.
Joshua Bejerano is a top-level crypto journalist who has been in the business for years. He got his start in the early days of Bitcoin, and has never looked back since. He is a highly respected member of the community, and is known for his incisive analysis and insightful writing.
When he's not busy reporting on the latest news in the crypto world, Joshua enjoys spending time with his family and friends. He is also an avid mountain biker, and can often be found out on the trails near his home.
