Date: Thu, July 25, 2024, 5:01 AM GMT
Today, the cryptocurrency market is experiencing a significant decline, with major memecoins facing sharp drops in their prices. The total cryptocurrency market cap has fallen by 3.37% to $2.3 trillion, while the 24-hour trading volume has decreased by 6.76% to $81.02 billion.
Notable memecoins today:
- Pepecoin (PEPE) is down by 2.45%.
- Shiba Inu (SHIB) has declined by 4.59%.
- Dogecoin (DOGE) is down by 5.48% over the past 24 hours.
Here’s Why Memecoins are Down Today:
1) Bitcoin (BTC):
Bitcoin’s chart analysis shows it formed a channel but failed to break out of the resistance at $68,000, leading to a drop to the current $64,000 level, marking a 2.48% 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. However, despite this positive news, Ethereum’s price dropped to $3,178, down by 7.22%. This phenomenon is known as “Buy the Rumor, Sell the News,” where investors sell off after a highly anticipated event, causing prices to fall. We saw a similar pattern with the Bitcoin Spot ETF launch.
Global Market:
The global financial market is also experiencing a solid decline 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 memecoins.
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