The post Why The Crypto Market is Crashing Today appeared on BitcoinEthereumNews.com.

The cryptocurrency market has hit a rough patch, with Bitcoin and other major coins losing their recent momentum. After weeks of strong performance, the total market cap has dropped by about 3%, now standing at around $3.54 trillion. This drop comes just after Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President ‘s presidential inauguration, which many believed would bring good news for the crypto world. Disappointment from Trump’s Inauguration Leading up to the inauguration, there was excitement about potential crypto-friendly policies under Trump. However, during his speech, Trump did not mention cryptocurrencies or blockchain technology. This lack of focus on crypto left investors disappointed, leading to speculations that the inauguration became a “sell the news” event. The hype quickly turned to worries, hurting the optimism that had previously driven prices upward. Bitcoin ETF Outflows Add to the Downturn Adding to the market pressure, there has been a significant outflow of Bitcoin ETFs. As of January 22, about $95.62 million worth of Bitcoin ETF outflows were reported, primarily from Grayscale and Bitwise funds, excluding BlackRock’s data.  These outflows align with the market’s weakening trend, further contributing to the overall decline Also…

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Filed under: News - @ January 23, 2025 9:20 am