The post Here’s Top Reason Why Bitcoin, Altcoin, & Memecoin Are Plummeting appeared on BitcoinEthereumNews.com.

Despite positive news about potential interest rate cuts in the U.S., Bitcoin (BTC) and Ethereum (ETH) have seen their prices tumble, with other major cryptocurrencies like Solana (SOL), XRP, and various meme coins have also been affected. As the market continues to plummet, several key factors have been identified as the main drivers behind this ongoing crash. Key Reason Why Crypto Market Crash Bank of Japan’s Rate Hike Concerns  One of the main triggers behind the recent crypto market crash is the Bank of Japan’s signaling of potential further rate hikes. This has led to a 4.24% drop in the Nikkei 225 index. Traders are concerned that these rate hikes could lead to increased volatility, impacting the crypto market as well. Bitcoin and Ethereum ETF Outflows  In a move that has further shaken confidence, Bitcoin and Ethereum exchange-traded funds (ETFs) have recorded substantial outflows of $287.8 million on September 3. Fidelity’s Bitcoin ETF saw the largest outflow, totaling $162.3 million. Ethereum ETFs have also been affected, with a $47.4 million outflow. This steady outflow of funds reflects growing caution among investors, further contributing to the overall market decline. September’s Historical Downturn  September has traditionally been a tough month for various asset classes, including cryptocurrencies. Historically, bonds and gold have performed poorly in this month, and this year is no exception. Meanwhile, the crypto fear and greed index is at 27, indicating widespread fear among investors. This has led to a cautious approach, with many choosing to sit on the sidelines Nvidia Faces Antitrust Scrutiny The U.S. Department of Justice has ramped up its antitrust investigation into Nvidia, issuing subpoenas to the company. This scrutiny has reminded investors of past market crashes, particularly the one involving Microsoft in 2000.  The increased regulatory pressure on a major tech player like Nvidia has…

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Filed under: News - @ September 4, 2024 8:19 pm