Today there has been a huge decline in the crypto market, the main reason for which is the huge fall in the price of Bitcoin (BTC). The global cryptocurrency market cap stood at $3.29 trillion, down 0.78% in 24 hours. This fall is completely Bitcoin The impact of the crypto market was born out of the impact of the crypto market, which not only saw a major drop in its own price, but also put the overall crypto market under pressure. In today’s article, we will know the reasons for the fall in BTC and how its impact is being seen on the entire crypto market.
Bitcoin’s decline and its impact
The price of Bitcoin (BTC) has fallen by 1.87% in the last 24 hours, resulting in its market cap reaching $1.87 trillion. This fall of BTC not only affected its trading volume but also harmed the entire crypto market. BTC’s 24-hour trading volume stood at $49.14 billion, a decrease of 1.61%. Due to this decline, other major cryptocurrencies like Ethereum, XRP, BNB and Solana have also seen a huge decline.
Some major reasons for the decline of BTC
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Fed’s decision not to include BTC in reserves: Recently, the Federal Reserve announced that it will not include Bitcoin in its reserves, which was a key reason behind this decline.
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market volatility: After the fall of Bitcoin, instability and fear has spread in the minds of investors, due to which selling pressure is being seen in the entire crypto market.
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Pressure on Altcoins: Following the decline of BTC, major Altcoins such as Ethereum, XRP, and BNB have also been affected. Their value has also fallen along with BTC and has turned into a negative cycle.
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Effect on meme coins:BTC’s decline made Pepe, Dogecoin And it has also affected popular meme coins like Shiba Inu, which faced big declines due to this pressure.
Conclusion
The fall of Bitcoin not only reduced its price but also put the entire crypto market under pressure. This decline is not limited to the crypto market only, but its impact is being seen on the entire global market as well. Although this may be a temporary decline, investors are advised to remain cautious, as crypto markets can change rapidly.
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