Why is the crypto market down today?
Crypto markets are down 0.48%, reflecting the drop in stock markets and technical pressures on Bitcoin.
Crypto markets faced minor selling pressure from both macroeconomic factors and Bitcoin technicals. On Tuesday, May 6, the overall crypto market cap declined 0.54%, falling below $3 trillion to $2.94 trillion.
The main driver of the decline mirrored the same factors weighing on equities. The Dow Jones lost more than 400 points, or 1.00%, while other major indices also fared poorly. Typically, Bitcoin (BTC) and the broader crypto market, are correlated with stocks, which likely means that similar factors influence both.
In this case, macroeconomic uncertainty and renewed fears over Donald Trump’s…
