2023 started great for the crypto industry following the bearish market of 2022.
Most tokens have been persistently rising. However, the past few days have been tough for crypto.
There are several reasons why the crypto market is suddenly on a bearish trend. Despite this trend, some coins are looking promising. Here is a look at some of the main reasons why the crypto market has turned bearish recently.
This article discusses four reasons for the recent precipitous decline in cryptocurrency prices before highlighting which altcoins are bouncing back and exhibiting strong bullish momentum.
1. SpaceX Sold BTC Holdings
SpaceX, run by CEO Elon Musk, a major crypto proponent, is rumored to have sold a large cache of BTC. Before the rumor started swirling, SpaceX was estimated to hold BTC worth $370 million. The news of their sale caused panic in the crypto market, given Elon Musk’s high-profile status in the crypto world.
Musk’s sale of BTC caused institutional investors to panic, sig
