Why Is Crypto Down Today? Top 3 Bearish Drivers
Key Notes
- Bitcoin, Ethereum, and many altcoins are seeing sharp declines.
- The global crypto market cap dropped by almost 3%, wiping roughly $140 billion off the market.
- An overbought market, macro events, and a sudden inflow of liquidity into speculative assets are driving the selling pressure.
The hopes of Bitcoin (BTC) hitting $130,000 and Ethereum (ETH) breaking its 2021 peak are under pressure with the bearish momentum from multiple catalysts.
BTC reached an all-time high of $124,457 on Aug. 14 as the crypto market cap reached $4.2 trillion.
The leading altcoin, ETH, was just $104 away from hitting a new ATH on the same day.
The $547 million weekly inflow into US-based spot BTC exchange-traded funds was a…
