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Top reasons why the crypto market is down today

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11 months ago

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The altcoin industry continued today with choppy markets on Thursday despite The price of Bitcoin (BTC) rebounding from the $67,500 support level. Despite choppy markets on Friday, the altcoin industry signaled an inevitable near-term rebound amid increased demand from institutional and retail investors.

Additionally, the US-based spot Bitcoin ETF recorded more than ten consecutive days of cash inflows. Additionally, the cryptocurrency industry is eagerly awaiting the trading of Ethereum (ETH) spot ETFs in the United States.

Main reason why crypto seems unstable

The calm before the storm

After two months of being trapped in a correction mode, most crypto assets have signaled an inevitable bullish rally ahead. According to on-chain data, the accumulation rate of crypto whales has reached an all-time high, thereby indicating major volatility ahead.

Political uncertainty in the United States

As the United States general election approaches, the crypto issue is becoming increasingly prevalent in both political circles. Former US President Donald Trump was found guilty of 34 counts of falsifying business records on Thursday, and his sentencing is scheduled for July 11.

Notably, Trump had previously supported the crypto industry and pledged to never allow the Fed to create a CBDC. Among other promises, Trump has gained popularity among crypto investors in the United States. His case therefore complicates the issue even further.

Coin frenzy

Over the past few weeks, dozens of meme coins have emerged, with some weakening while others gaining traction. More and more crypto investors have been directing their resources towards the coin industry to maximize gains at the expense of utility-based projects.

According to on-chain data, Dogecoin (DOGE) whales followed Pepe (PEPE) investors in similar fashion by accumulating over 700 million coins over the past few days, worth around $112 million .

Also discover: Altcoin Market Cap Consolidates Before a Big Breakout: Here’s When an Altseason Can Begin

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