The crypto market has been a high-stakes game for people who trade and invest. Its volatile nature can bring both positive and negative outcomes of varying magnitudes. At the moment, we are observing a market crash, and there are some valid reasons that have caused this to happen.

Firstly, Bitcoin, the biggest and most influential cryptocurrency, failed to break the pivotal 30K resistance level so far. It gained tremendous value up to $65,000 in April, but since then it has slipped and is presently trading around $27,000. The inability to cross the 30K mark is indeed a bad sign and supports the idea that a crash is upon us.

The similar thing happened 2 years ago when Bitcoin couldn’t break the 20K level in 2018 and 70K threshold in 2021. This caused extremely strong downtrends and complete havoc over the entire crypto-market. Now once again, the market is ridden with such technical patterns and fundamentals.

Another factor connected to the present market crash is the collapse of few major exchanges lately. Prominent cryptocurrency loan company BlockFi is under pressure from a flurry of lawsuits brought forth by investors. While that’s outside the crypto-sphere, the demise of one of the prime exchanges Bittrex surely has caused lots of ambiguity and concern in the market.

High profile instances of such sort have put a lot of trust at stake of the traders and investors. This has, in turn, generated panic selling that has drove down the prices by a lot. Amid all these, the crumbling of other exchanges continues to hover as a potential threat.. Furthermore, the removal of one of the key Ethereum wallet solutions from DEXs, i.e. Metamask, is another crucial reason. This has triggered the “Fear, Uncertainty and Doubt” syndrome among the traders that is driving force behind the market crash.

To conclude, we can safely say that the present market crash is caused by a myriad of factors, as discussed above. As always, investors and traders should maintain their vigil and be prepared to face the market head-on.



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