Crypto crash reason: Why is crypto crashing today?
Channel: Hamza khan
Date: 2022-06-14

Why is crypto crashing today? Cryptocurrency markets have crashed to a new low of this year today. The global market cap has shrunk below $1 trillion to $977 billion, around 12 % fall since yesterday. The global cryptocurrency market cap has fallen by around $1 trillion this year while almost every top coin is now worth half or even less than their all-time highs. 

The immediate trigger for the crypto crash appears to be a massive sell-off by investors amid heightened inflation fears. Investors are also continuing to stay away from riskier assets, which is reflecting in the stock markets as well. 

Bitcoin, the biggest and most popular cryptocurrency, has fallen to $24,000 while almost all altcoins, starting from Ethereum, are bleeding prices since weekend. 


Bitcoin in Oversold Zone
“Bitcoin faced yet another significant correction, dropping to nearly $25,000, the lowest in over 5 months. Interestingly, the Dollar Index(DXY) is also at a six month high, gaining 2% in the last day alone leading to a drop in the Stock and Crypto markets. On the daily time-frame, the BTC trend has broken below the long formed triangle pattern. An immediate and key support is expected at $24,000. The RSI dropped below 30 as Bitcoin entered the oversold zone,” analysts at WazirX Trade Desk shared in a note. 

ALSO READ | What is staked Ethereum, possible trigger for another crypto crash?

Meanwhile, Ethereum corrected by over 20% over the past week meanwhile, Ethereum against Bitcoin dropped by more than 11% in the same period as Bitcoin’s Dominance broke above the 48% for the first time in nearly a year. 

“The daily chart for ETH-BTC has broken below the descending channel pattern and fallen below its previous support of 0.055. The next support for ETH-BTC is expected at 0.038 level,” they said. 

(The article has been updated for some grammatical and factual errors)

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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