Not only the stock market, crypto is also in a bad state!
Like the gold market, crypto is also in a bad state these days. Due to US tariffs, investor sentiment remains weak amid fears of trade war and US economy. On Tuesday, bitcoin fell below $90,000 for the first time this year. Due to this, investors started selling their assets in large quantities.
Crypto market is in bad shape
On wednesday, US President donald trump threatened to impose a 25 percent tariff on the european Union. Due to this, both equity and crypto markets saw a decline. In the last 24 hours, bitcoin saw a decline of up to 7 percent, which has wiped out more than $230 billion from the crypto market.
Top altcoins like Ethereum, Solana, XRP and BNB have been affected the most, which recorded a decline of 5 percent to 12 percent. Due to this huge decline, large-scale selling is being seen in the crypto market. According to CoinGlass data, 364,596 traders sold their assets in the last 24 hours and liquidation has reached $1.34 billion.
Big impact after Trump's arrival
Let us tell you that after President donald trump took power in the US, there has been a big impact on the crypto and stock market. Along with this, there is also pressure on the market to keep the interest rate of the US Federal Reserve stable, due to which the sentiment of American consumers has weakened. people are afraid of rising inflation, which can reduce spending and it can affect the economy.
Investors also panicked by crypto hacking
Along with all this, the recent hack of ByBit has also created panic in the market. Let us tell you that a hacker stole 400,000 Ethereum from the Ethereum wallet of Dubai-based cryptocurrency exchange Bybit, which is worth about $ 1.5 billion (Rs 13,000 crores). The US Federal Bureau of Investigation (FBI) on wednesday accused North Korea's Lazarus Group of this.
click and follow Indiaherald WhatsApp channel