Ouch Pain! Why Is The Crypto Market Nonstop Bleeding?
"Crypto market down to go up again or down to go down again?"The entire cryptocurrency market including Bitcoin (BTC) saw a sharp drop amid regulatory uncertainty while macroeconomic conditions were seen to weaken.After hovering above the $30,000 level, BTC price plunged by 4.77% at $28,822 in the last 24 hours while Ethereum (ETH) slipped 7.32% at $1,945 and Ripple (XRP) lost 6.62% at $0.49.This is because during the hearing of the Chairman of the Securities and Exchange Commission (SEC) of the United States (US) Gary Gensler, he refused to explain whether ETH is a commodity or a security despite committee members continuously asking for clarification.Additionally, the SEC filing a lawsuit against crypto exchange Bittrex on April 17 for operating unregistered operations has been the reason why most investors are in fear.In the meantime, the crypto market also made a decline again after there was a rumor that the chairman of the Federal Reserve (Fed) Jerome Powell will raise interest rates to lower inflation at 2%.Following the streak, the crypto market may perform volatile movements following investors' view that the Fed will raise interest rates during the next Federal Open Market Committee (FOMC) meeting scheduled for May 3, 2023.The Fed is currently in trouble as major banks still expect the US to experience a sharp recession in 2023 which may negatively impact risky assets including crypto.
"Crypto market down to go up again or down to go down again?"
The entire cryptocurrency market including Bitcoin (BTC) saw a sharp drop amid regulatory uncertainty while macroeconomic conditions were seen to weaken.
After hovering above the $30,000 level, BTC price plunged by 4.77% at $28,822 in the last 24 hours while Ethereum (ETH) slipped 7.32% at $1,945 and Ripple (XRP) lost 6.62% at $0.49.
This is because during the hearing of the Chairman of the Securities and Exchange Commission (SEC) of the United States (US) Gary Gensler, he refused to explain whether ETH is a commodity or a security despite committee members continuously asking for clarification.
Additionally, the SEC filing a lawsuit against crypto exchange Bittrex on April 17 for operating unregistered operations has been the reason why most investors are in fear.
In the meantime, the crypto market also made a decline again after there was a rumor that the chairman of the Federal Reserve (Fed) Jerome Powell will raise interest rates to lower inflation at 2%.
Following the streak, the crypto market may perform volatile movements following investors' view that the Fed will raise interest rates during the next Federal Open Market Committee (FOMC) meeting scheduled for May 3, 2023.
The Fed is currently in trouble as major banks still expect the US to experience a sharp recession in 2023 which may negatively impact risky assets including crypto.
