Several factors have scared the markets. First, the Israel-Gaza war appears to extend well into the future. Second, the US elections have induced volatility in the markets. Thirdly, Bitcoin’s inability to break above $70k seems to have prompted buyers to book profits.
Finally, Grayscale alone had sold $800 million worth of Ethereum in the market in the last two days due to ETF withdrawals.
Today, the crypto markets have shown severe losses in multiple major cryptocurrencies such as Ethereum, Layer-2 coins, Memecoins, the Solana Ecosystem and AI coins.
Other areas have witnessed less selling. Even the newly launched Ethereum ETFs have shown $133 million outflows on their second trading day.
Israel-Iran War on the Cards
Benjamin Netanyahu’s explosive speech in front of the US Congress has sparked speculations that the Israel-Gaza war is not ending anytime soon. Further, the war might escalate to include Iran and Yemen and even might draw the US and Russia towards direc
We współpracy z: https://www.thecoinrepublic.com/2024/07/25/why-was-the-crypto-market-down-this-week/
