Crypto Market Trend
Date: June 20, 2024
Market Cap 24h Change: -0.31%
Reason:
The market has been down by -0.31% because Binance, the world’s largest crypto exchange, faces escalating regulatory challenges in multiple jurisdictions, including a $2.2 million fine from India's Financial Intelligence Unit and global operations under fire. Furthermore, the US Commodity Futures Trading Commission (CFTC) has initiated a probe into Jump Crypto. Additionally, the German government starting to sell off its stockpile of over $3 billion in seized Bitcoin has triggered volatility fears in the market.
Date: June 19, 2024
Market Cap 24h Change: 1.34%
Reason:
The market has been up by 1.34% because the SEC has closed its investigation into Ethereum without filing charges, determining that sales of ETH are not securities transactions. This positive regulatory news has significantly bolstered market confidence, leading to gains in ETH and positively impacting the broader crypto market.
Date: June 18, 2024
Market Cap 24h Change: -2.06%
Reason:
The market has been down by -2.06% because of several factors. There have been significant outflows from Bitcoin ETFs over three consecutive trading days, totaling $145.9 million. Bitcoin hitting a one-month low and a broad sell-off in altcoins have led to $455 million in crypto liquidation. Continued pessimism from the Fed and ongoing miner selling have contributed to the bearish sentiment in the market. Additionally, institutional investors have withdrawn $600 million from crypto funds, exacerbating the downtrend.
Date: June 17, 2024
Market Cap 24h Change: -1.12%
Reason:
The market has been down by -1.12% because of multiple factors. Miners continue to offload Bitcoin amid a 33-day capitulation, creating significant sell pressure. Additionally, investors reacted to the Fed's cautious stance, resulting in a $621 million outflow from crypto investment products as highlighted by CoinShares. High volatility in Bitcoin, Dogecoin, and Ethereum also triggered $290 million in liquidations, further contributing to the downward trend.
Date: June 16, 2024
Market Cap 24h Change: 0.92%
Reason:
The market has been up by 0.92% because of the anticipation and excitement around the potential approval of a spot Bitcoin ETF. Multiple articles highlight increased activity and speculation related to this potential approval, including notable bets placed by crypto traders and the revival of the rumor mill regarding the spot Bitcoin ETF.
Date: June 15, 2024
Market Cap 24h Change: 1.63%
Reason:
The market has been up by 1.63% because of the anticipation and excitement around the potential approval of a spot Bitcoin ETF. Multiple articles highlight increased activity and speculation related to this potential approval, including notable bets placed by crypto traders and the revival of the rumor mill regarding the spot Bitcoin ETF.
Date: June 14, 2024
Market Cap 24h Change: -0.57%
Reason:
The market has been down by -0.57% because Bitcoin ETFs saw a sharp outflow of $226.2 million due to ETH ETF news, and the price of Bitcoin fell significantly with more than $100 million worth of crypto long positions liquidated in an hour.
Date: June 13, 2024
Market Cap 24h Change: -2.19%
Reason:
The market has been down by -2.19% but the reason is not clear.
Date: June 12, 2024
Market Cap 24h Change: 0.78%
Reason:
The market has been up by 0.78% because of Bitcoin's price surge above $69,000 following a better-than-expected US Consumer Price Index (CPI) report for May, which showed a slight decline. This positive economic data has fueled optimism and driven the market upward.
Date: June 11, 2024
Market Cap 24h Change: -4.11%
Reason:
The market has been down by -4.11% because of several negative developments affecting Bitcoin. Notably, the long streak of Bitcoin ETF inflows has ended with a significant $64.9 million outflow. Additionally, massive spot selling on Binance amounting to $200M has led to Bitcoin briefly dipping below $67,000. This bearish trend is further amplified by the upcoming Federal Open Markets Committee interest rate decision and new U.S. inflation report, which have stoked market fears.
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