Why is the crypto market down today, know if there is any big risk
In the crypto market, there has been a decline in the prices of cryptocurrencies in the last 24 hours, which has created an atmosphere of concern among investors. “Why Crypto Market is Down Today” has once again become the most asked question. Let us know what could be the reason behind this decline and is it a sign of any big danger?
Crypto market shaken by the tension of war
The biggest pressure on the Crypto Market at this time has arisen from the ongoing war between Iran and Israel. Due to the ongoing attacks between the two countries, investors are keeping an eye on whether this fight can turn into a global war. If America, Russia or other big countries get involved in this, then it can become a big threat to the global economy, which will directly affect the crypto market. For this reason, panic is being seen in the Crypto Market, raising questions like Why Crypto Market is Down Today.
Bitcoin retreats from near $109K
Bitcoin (BTC) recently reached $108,915, but profit-booking brought it back to $107,000. In the last 24 hours, Bitcoin Price has been seen trading in the range of $106,219–$108,915. The inflow of $408.6 million in BTC ETF gave positive signals in the market, but short-term sellers weakened its momentum.
According to analysts, $110,300 remains a strong resistance, while $105,800 is the support level. If Bitcoin goes below $106,000, the next support will be at $104,000 and then $101,500.
Wales eyeing Ethereum, but pressure remains
Ethereum Price is trading around $2,566, which shows a decline of 2%. According to the WhaleStats report, ETH Wells has accumulated more than 818,000 ETH in a day, which is the largest inflow in the last six years. Despite this, Ethereum has not been able to break the $2,620–$2,640 range. A lower high-lower low structure is seen in the technical pattern.
If ETH slips below $2,560, the next support levels will be $2,500 and $2,440. At the same time, the inflow of $21.4 million in the ETF indicates that institutional investors still have faith in the market.
Impact of Ripple vs SEC case
In the long case going on between Ripple and SEC, the SEC has requested the U.S. court to hold the appeal. This means that the matter may hang further. Ripple supporters were hoping that a decision would come soon, but now this delay has also disappointed the market. This is why many investors have distanced themselves from trading after the recent update, which further fuels the Why Crypto Market is Down Today News.