CandleFocus 2 reasons why Bitcoin and other crypto just crashed
2024-12-19
Author: Content Editor
The crypto industry experienced a significant crash as Bitcoin dropped below $100,000 and the fear and greed index decreased. The crash was primarily attributed to the decision of the Federal Reserve to cut interest rates by 0.25% and its hawkish tone on controlling inflation. This led to declines in cryptocurrencies and other risk assets, as well as a plunge in U.S. equity markets and a surge in U.S. Treasury yields and the dollar index. Additionally, profit-taking, panic, mean reversion, and the Wyckoff Method distribution were cited as factors contributing to the crypto crash. However, there is potential for a recovery if Bitcoin triggers a rally to $122,000 and altcoin investors capitalize on the dip.
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