With a 2% decline in the global market cap, today marks a slow day for the crypto industry. As of now, the overall crypto market cap has declined to $2.55 Trillion after surging to $2.63 Trillion earlier. Moreover, most cryptocurrencies are stained in red in the heatmap, confirming the market fall.
In the last 24 hours, Bitcoin price has declined by 3%, Ethereum price lost 3% of its gains despite the overflowed demand for the Ethereum ETF, and the rest following the same. So, what was behind this fall? Let us discuss that in this blog.
Why Was the Crypto Market Down Today?
After the bullish market conditions in March, the crypto market went for a downfall until the recovery a few days ago. The market sentiments have also shifted to greed from neutral on the fear and greed index, but the drop pierced through the bullish possibilities.
Mainly there were two reasons behind this drop; Mt Gox’s Bitcoin transfer and the drop in the Bitcoin ETF Inflows. Let us look into that.
Mt Gox Transfe
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