Cryptocurrency Market Crash: There is a huge decline in the cryptocurrency market on Monday, the first trading day of the week. Most of the cryptocurrencies are trading in the red. The world’s largest and oldest cryptocurrency Bitcoin has also fallen below the price of $90,000.
For the last few days, Bitcoin was continuously trading above 90 thousand dollars. According to market experts, the reason behind this decline could be the rate cut by the US Fed and the uncertainty created by the interest rates of the Central Bank of Japan. Let us know, what is the status of other cryptocurrencies including Bitcoin in the market today?
Bitcoin fell
According to CoinMarketCap, Bitcoin was trading at $89,631.70 at 1:20 pm on Monday. Bitcoin was registering a decline of about 0.60 percent in the last 24 hours. Whereas, if we talk about the last 7 days, Bitcoin has slipped by 2.14 percent. Investors have suffered huge losses due to this fall in Bitcoin.
Reason for decline in cryptocurrency market
According to media reports, there remains uncertainty regarding the interest rates of the Bank of Japan. Due to which investors are adopting a cautious attitude and are staying away from the cryptocurrency market while avoiding risks. Due to which a decline is being seen in the cryptocurrency market. At the same time, the strict stance adopted by the US Fed after its rate cut decision has also disappointed investors.
Solana, Tether and Dogecoin also slipped
Apart from Bitcoin, a decline is also being seen in other cryptocurrencies including Solana, Tether and Dogecoin. After all, in the last 24 hours Solana has fallen by about 0.61 percent, Tether by 0.02 and Dogecoin by 1.41 percent.
Disclaimer: (The information provided here is being given for information only. It is important to mention here that investment in the market is subject to market risks. Always take expert advice before investing money as an investor. ABPLive.com never advises anyone to invest money here.)
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