Why is Bitcoin (BTC) and Etherem (ETH) crashing today?

Bitcoin And Ethereum It crashed more than 10% at press time amid a market-wide rout as the global cryptocurrency market cap fell sharply by 11.3% to $1.4 trillion.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar -10.9% -21.3% USD 30,328.44
Ethereum ETH / USD -11.4% -21.8% $2233.98
Dogecoin dog / dollar -17.4% -21.4% $0.10

Biggest Losers 24 Hours (Data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Tera (luna) -46.5% $33.99
Steppen (GMT) -29.3% 1.90
Lido DAO protocol (I am doing) -27.8% $2.02

See also: How to get free encryption

why does it matter: Selling pressure was high on Monday, especially with technology stocks, as investors dumped stocks, bonds and commodities. The S&P500 fell below the 4000 mark to touch its lowest level since March 2021.

The dollar index hit a 20-year high on Monday at $104.090. The US dollar is up nearly 9% so far in 2022, according to a Reuters report.

While Bitcoin’s long-term fundamentals remain unchanged, growth and recession fears have created an “extremely challenging environment” for cryptocurrencies, according to the Edward Moyaa senior market analyst at OANDA.

“No one is looking to buy into the crypto dip just yet and that leaves Bitcoin at risk here,” Moya wrote in a note seen by Benzinga.

Aside from the overall headwinds, the crypto space also faces another concern, according to GlobalBlock Analysts. Marcos Sotero.

TerraUSD (UST) lost its peg to the dollar after an alleged coordinated attack on the stablecoin, Sotero said. At the time of writing, floor treasuries are down 25.26% in 24 hours at $0.74.

However, the analyst sees some positives in the chain’s metrics, noting that “the percentage of bitcoin that hasn’t moved in a year is now at an all-time high.”

“This shows that the proportion of Bitcoin holders working for long-term HODLers is increasing, which is positive because it shows that short-term Bitcoin holders are selling to those with long-term conviction.”

If the bitcoin price drops below $30K, it will face very weak support on the chain, and the next important support area will be at $26,700, according to the chart. Ali Martinez.

Cryptocurrency Dealer Michael van de Poppe He tweeted that the more he saw targets like $8,000 or $12,000 for BTC, the more convinced he was that “we are in the final stages of this downtrend.” The trader said it was a “massive opportunity” as the markets had already given up and altcoins had been in a bear market for a year.

read the following: Bitcoin Bear Has Long Been Offering $1,000 Per Retweet If His Prediction That BTC Will Reach $10,000 In 2022 Was Wrong

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