The post Why Is the Crypto Market Going Down Today? appeared first on Coinpedia Fintech News
The crypto market is under pressure again. Total market capitalization has fallen to $2.27 trillion, down just over 2% in the last 24 hours.
Bitcoin has dropped below $66,000, currently trading near $66,180, while Ethereum sits around $1,931.
In just the last hour, more than $30 million in long positions were liquidated, adding to selling pressure. Over 24 hours, Bitcoin liquidations reached roughly $47 million. This sudden wave of forced selling is one of the biggest reasons behind today’s decline.
Leveraged Traders Got Wiped Out
The main driver of the drop appears to be a leveraged washout. Many traders had bet on prices going higher using borrowed money. When prices started falling, their positions were automatically closed, causing even more selling.
This created what traders call a liquidation cascade.
At the same time, the Fear & Greed Index has plunged to 11 out of 100
We współpracy z: https://coinpedia.org/news/why-is-the-crypto-market-going-down-today/
