Date: Thu, July 25, 2024, 9:54 AM GMT
Today, the cryptocurrency market is experiencing a significant decline, with major altcoins seeing sharp drops in their prices. The total cryptocurrency market cap has fallen by 4.16% to $2.31 Trillion.
Notable altcoins are feeling the dip:
- Ethena (ENA) is down by 12.66%.
- Starknet (STRK) has declined by 10.67%.
- Helium (HNT) is down by 10.34% over the past 24 hours.
Here’s Why Altcoins are Down Today:
1) Bitcoin (BTC):
Bitcoin (BTC): Bitcoin’s chart analysis shows that it formed a channel but failed to break through the resistance at $68,000, resulting in a drop to the current level of $64,000, marking a 3.29% decline in the past 24 hours.
2) Ethereum Spot ETF:
The Ethereum Spot ETF began trading on July 23, attracting a massive daily inflow of $1 billion. Despite this positive news, Ethereum’s price dropped to $3,171, down by 8.34%. This phenomenon, known as “Buy the Rumor, Sell the News,” occurs when investors sell off after a highly anticipated event, causing prices to fall. A similar pattern was observed with the Bitcoin Spot ETF launch.
3) Global Market:
The global financial market is also experiencing a significant decline today. The stock price of TESLA went down by 12.33% while NVIDIA dips by 6.80% today.
According to Watcher Guru, over $1.1 trillion was wiped out from the US stock market. Key indices are down significantly:
- Dow Jones: 39,866.95 (-491.14, -1.22%)
- Nasdaq: 17,345.84 (-651.51, -3.62%)
- S&P 500: 5,431.61 (-124.13, -2.23%)
These factors are contributing to the current downturn in the cryptocurrency market, affecting not only Bitcoin but also various altcoins, including Notcoin, Ondo, and Celestia.
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