What caused the cryptocurrency market to crash on June 24, 2024?
A combination of factors:
-
"Sell in May and go away" sentiment: Traditional investors typically withdraw capital from the stock market in May and reinvest it in the fall. This trend may be spreading to the cryptocurrency market, leading to falling prices.
-
Summer liquidity: Trading volume typically declines during the summer, which can lead to more volatility and price drops.
-
CoinShares sale of FTX stake: CoinShares, a cryptocurrency investment firm, sold its stake in FTX for £31.32 million, signaling a possible loss of confidence in the market.
-
BtcTurk hack: Turkey's largest cryptocurrency exchange was hacked, leading to the theft of €51 million. This shook investor confidence and may have driven selling.
Highlights:
-
Total cryptocurrency market capitalization (TOTALCAP): Fell to
70 million in the past 24 hours. -
Bitcoin (BTC): Fell below the
62,282. Price could fall to $60,000. -
LayerZero (ZRO): Altcoin fell 14% in the past 24 hours, possibly due to falling demand or the overall market trend. Could fall to $2.50 or less.
Possible recovery:
-
TOTALCAP: Needs to recover above
2.29 trillion resistance into support to start a reversal. -
BTC: Needs to regain the
65,000. -
ZRO: A recovery above
3.00.
Remember:
- The cryptocurrency market is highly volatile and subject to sudden changes.
- It is crucial to do your own research before investing in cryptocurrencies.
- The articles above provide information only and should not be considered financial advice.
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