The post Why is Crypto Market Down Today appeared first on Coinpedia Fintech News
The cryptocurrency market is witnessing a downturn as Bitcoin struggles to hold its ground after reaching near its all-time high. The overall crypto market capitalization has fallen by around 4%, now sitting at approximately $3.54 trillion. Let’s dive into the factors driving this decline.
Trumps Accused of Pump and Dump Scheme
One key event shaking the market involves accusations against Donald Trump and his team regarding a “pump and dump” scheme. Over the weekend, Trump-backed memecoins, including the Official Trump (TRUMP) token and Melania Trump’s self-branded memecoin, launched and soared in value.
Together, these tokens reached a combined market cap of over $15 billion. However, critics have accused the Trump family of manipulating the market for personal gain, which has created uncertainty among investors.
Profit-Taking Hits Bitcoin
Bitcoin, currently trading at $102,484, ha
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