Crypto market crash reason (29th June): The global crypto markets are crashing again today after days of remaining sluggish with minor gains. In the last 24 hours, the Global crypto market cap has crashed to $900 billion, down 3.85% over the last day, according to data on CoinMarketCap at the time of writing (12.30 pm, India time). As per analysts, there are several reasons behind the falling prices in crypto markets. Here’s a look at some of the most prominent factors driving crypto markets and prices of top coins down:
- Weak global cues: The cryptocurrency markets are reflecting the downturn in global financial markets. The US equity markets traded low on Tuesday.
- Falling Bitcoin: The top cryptocurrency has once again fallen below $20,000 level once again. At the time of writing, BTC as trading at $19,969, down 4.41% in the last 24 hours. BTC may now find support at $14,000. BTC’s weekly RSI had hit an all-time low a few weeks back and hasn’t recovered much from there.
- Unusual BTC trade trend: The Bitcoin trade charts show the top cryptocurrency has closed below the 200-week Moving Average (MA) for the second week in a row. BTC analysts have found this as an unusual and unheard of three. The current weekly MA of Bitcoin is around $22,550.
(To be updated)