The post WHY Is The Crypto Market DOWN Today: REASONS For Bitcoin Price Drop appeared on BitcoinEthereumNews.com.

Recent events have significantly impacted the market in the dynamic world of cryptocurrencies. This article overviews these current events, factors influencing Bitcoin price and Altcoins, and some expert insights into market trends in an attempt to understand why is the crypto market down and the main reasons for Bitcoin price drop. Bitcoin Price Drop and Altcoins Follow: A Cryptocurrency Price Overview As of August 1, the global cryptocurrency market cap dipped to $2.30 trillion, marking a 2.60% decline over 24 hours. Bitcoin (BTC), the most valued cryptocurrency, slipped below the $65,000 mark, closing at $64,184 with a 2.51% decrease. Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) also saw declines. However, with the last increase in XRP price the decrease managed to keep its price trading over its usual support levels, not like other altcoins, such as Solana price which dipped below its key support level of $170 after breaking out to highs of $193. By TradingView – Crypto Market Down Why Is The Crypto Market Down? Several events occurred recently at the same time pushing the Bitcoin price drop and Altcoins followed. The major ones were: the FOMC concluding its July meeting yesterday, the attack on Iran by Israel, targeting the Hamas political leader, shaking the Middle East, and spreading fear of counter-attacks and escalations in the region. As well as other events such as the Mt. Gox transfers, the BitClout founder arrest on fraud, and the US $2B transfer after Trump’s speech calling for not selling Bitcoins, the volatile crypto market was affected causing the Bitcoin price drop and that of Altcoins too.  What are The Reasons for Bitcoin Price Drop? These major factors can be interpreted as below: Federal Reserve’s Decisions: The US Federal Reserve’s decision to keep interest rates unchanged at 5.25%-5.50% led…

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Filed under: News - @ August 1, 2024 9:12 am