What Happened?
The crypto market had a rough day, with 93 of the top 100 coins experiencing a drop in prices over 24 hours. The total cryptocurrency market capitalization decreased by 0.8%, standing at $3.83 trillion. Meanwhile, the trading volume stood at $107 billion, which was somewhat lower than the usual volume over the past couple of weeks.
Who does this affect?
These changes primarily affect investors and traders in the cryptocurrency markets. Notably, nine out of the top ten coins experienced a decrease in their market capitalization. This decline could create potential buying opportunities for investors who may see this as a temporary downturn. Major Japanese companies are continuing to invest heavily in Bitcoin and other altcoins, indicating ongoing confidence in the sector.
Why does this matter?
The market movements do have significant implications. They indicate increased caution among investors, as hinted by the crypto fear and greed index entering the fear zone. Additionally, both US Bitcoin and Ethereum ETFs saw a break in their inflow streaks with respective outflows of $126.64 million and $164.64 million. Collectively, these changes could create ripples across the wider crypto market.