Why is the crypto market down today?
The cryptocurrency market is bleeding on Feb. 28, with the total market capitalization dropping by 6.4% to about $2.65 trillion.
24-hour performance of large-cap cryptocurrencies. Source: Coin360
Several concrete factors have contributed to the latest drop in crypto prices, including:
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Over $200 billion was wiped off the crypto market in 24 hours as US tariff wars escalated.
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Investors are risk-off amid the continued correlation between US equities and crypto assets.
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Stiff resistance at 50-weekly SMA could stifle recovery efforts.
Bitcoin leads the market slump
The crypto market sank deeper during the early Asian trading hours on Feb. 28 and US US tariffs plunged investors into a risk-off mode and boosted demand for the dollar.
Key takeaways:
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US…
