The entire
#CryptoMarket dropped 18.2% 📉in the past day, with
#Bitcoin reaching its lowest level since February after a 16.53% decline, and
#Ether falling 23.75% to its lowest level since January.
There are many factors contributing to this situation:
🔹From a traditional finance and macroeconomic standpoint
Last Friday's lower-than-expected payroll numbers led to concerns about a recession and causing a 2.43% drop in the
#Nasdaq and a 1.84% drop in the S&P 500.
Global stock markets are also being affected, as Japan’s
#Nikkei 225 and
#Topix indices plunged about 7% in the morning in Asia.
🔹From a political standpoint
The upcoming U.S. presidential election is causing uncertainty for crypto investors, as the increasing odds of Kamala Harris winning against the pro-crypto Donald Trump.
🔹From the
#crypto industry's perspective
#JumpCrypto’s movement of large amounts of crypto assets over the weekend has sparked speculation about the potential liquidation of its holdings.
⚠️The recent crypto market has been extremely volatile. Please exercise caution before investing.