The Crypto market experienced a worse turn on Monday morning with key crypto assets dipping to multi-month lows amid increased geo-political tensions, Uncertainty on the United States Elections, and a windfall in the global markets.
Bitcoin and Ethereum dropped to shocking price levels early Monday morning before slightly correcting later in the day.
Early Monday morning, Bitcoin dropped to $49,883, its lowest level since February while Ether also fell to its lowest level since January, losing 23.75% to trade at $2,186.
However, at the time of Report, Bitcoin has slightly gained to $52,617 while Ethereum is currently trading at $2,321.
The crypto market crash also affected other top crypto assets. Among other top 10 crypto tokens by market cap, BNB dipped 22.8% and XRP dropped 19.8%. The entire crypto market is down 18.2% in the past day.
There are a variety of reasons why the crypto market is currently crashing with so much happening around the world at the moment.
Some of the foremost reasons for the crash are increased Geo-political tensions, Growing fears of a recession following poor employment data in the US released last Friday, and News over the weekend that Warren Buffett’s Berkshire Hathaway sold nearly half of its Apple Inc. position during the second quarter.
There is also a development involving Jump Crypto, the crypto arm of Jump Trading who are speculated to be preparing to sell off their huge crypto assets following a regulatory investigation.
Jump crypto has been moving 100 million worth of crypto assets including Ethereum and USDT to centralized exchanges sparking rumors of a potential sell-off.
The Global stock markets have also not fared well. Japan’s Nikkei recorded a 12.4% loss marking the worst day for the index since the “Black Monday” of 1987. The Nikkei erased all its gains this year, moving into a loss position.
The recession fears which partly contributed to the crypto market crash also led to significant declines in NASDAQ and S&P 500.
How are Bitcoin and Ethereum Faring Today?
The crypto market crash has seriously affected the price level of the two biggest crypto assets, Bitcoin and Ethereum.
Currently, Bitcoin is priced at $60,963.58, experiencing a decrease of 1.62% over the past 24 hours. Ethereum’s price stands at $2,869.04, marking a 4.66% decline in the same time frame.
The recent downturn in both Bitcoin and Ethereum ETFs is attributed to factors such as geopolitical tensions in the Middle East, delays in U.S. Federal Reserve rate cuts, significant long liquidations, and negative ETF flows.
