CRYPTOCURRENCY MARKET EXPERIENCES A DOWNTURN
Coinmarketcap data shows that Bitcoin, which has experienced a decrease of nearly 6% in its price in the last 24 hours, dropped to $54,250 as of 11:45. Ethereum, ranking second in terms of market value, also lost 9.6% in the last 24 hours, falling to $2,864. The global cryptocurrency market value decreased by 7.7% in 24 hours, reaching $1.98 trillion.
REGULATORY CONCERNS LEAD TO CRYPTO SELLOFF
The recent downturn in the cryptocurrency market is attributed to regulatory concerns and profit-taking by investors. The increasing scrutiny from regulatory authorities around the world has created uncertainty among cryptocurrency investors, leading to a sell-off in major digital assets such as Bitcoin and Ethereum.
INVESTORS CAUTIOUS AMID VOLATILITY
The high volatility in the cryptocurrency market has made investors cautious, with many adopting a wait-and-see approach. The sharp price fluctuations in digital assets like Bitcoin and Ethereum have raised concerns about the sustainability of their upward trend, prompting some investors to re-evaluate their strategies and risk appetite.