Crypto crash
Bitcoin, the largest and most popular cryptocurrency, has dropped to $24,000, while almost all altcoins, beginning with Ethereum, have been losing value since the weekend.?
Ethereum is trading at around $1238, its lowest level in more than 14 months. Solana also has dropped by more than 15% and is now trading around $27.
Today, cryptocurrency markets hit a new low. The global market cap has dropped to $1.02 trillion from $1.10 trillion yesterday, and nearly every top coin is now worth half or less of their all-time highs.?
The immediate cause of the crypto crash appears to be a massive sell-off by investors in response to rising inflation fears.
Investors are also continuing to be risk averse, which is reflected in the stock markets.?
Bitcoin experienced yet another significant correction, falling to nearly $25,000, its lowest level in more than 5 months. Interestingly, the Dollar Index (DXY) has also reached a six-month high, gaining 2% in the last day alone, causing a drop in the stock and cryptocurrency markets. The BTC trend has broken below the long formed triangle pattern on the daily time frame. A $24,000 immediate and critical support is expected. As Bitcoin entered the oversold zone, the RSI fell below 30.?