Around the world, stock markets are experiencing large losses because people are worried about a possible recession. In Asia-Pacific countries like Japan, the Nikkei 225 index fell more than 12%. In the US, Wall Street also dropped a lot, up to 2.43%, after a report showed fewer new jobs than expected.
So, what all has the BTC Crash to do with this?
Ethereum & BTC Crash
Bitcoin and Ethereum have lost a lot of their value in the last day, adding to the overall market decline. Bitcoin is now trading at $55,229.72. Ethereum dropped even more, by 18%, and is now trading at $2,459.21
BTC Crash & The Sell Off
Investors are being cautious because the US Federal Reserve kept interest rates the same while Japan’s central bank raised them. This difference made the yen stronger and affected global markets, causing both stocks and cryptocurrencies to fall sharply.
Experts like Edul Patel from Mudrex think Bitcoin might find support at $53,200 but could face resistance at $55,800. They also say Ethereum’s price swings show how uncertain the market is right now.
Suggested Read: Crypto Market Crash Of 2024 – Shocks To The Market!
Conclusion
As markets go through tough times, economic factors and international tensions are making investors nervous. Both regular stocks and digital currencies are seeing big ups and downs, and people are watching closely to see if things will get better soon.
Stay updated with the latest happenings of the crypto world at ReadingCrypto and we will make sure, nothing goes unnoticed!
