Crypto Market Trend
Date: May 2, 2024
Market Cap 24h Change: 2.43%
Reason:
The market has been up by 2.43% but the reason is not clear.
Date: May 1, 2024
Market Cap 24h Change: -1.45%
Reason:
The market has been down by -1.45% because of several factors indicated in the news articles. The major catalyst seems to be the drastic fall of Bitcoin below $57,000 which led to $13 billion in leveraged shorts being placed on major exchanges. Besides, the crypto market as a whole saw widespread losses as the price of Bitcoin plunged to a two-month low. The market also braced itself for potential miner capitulation as the hash rate continued to drop. In addition, Bitcoin and Ethereum ETFs experienced significant outflows, adding to the negative market sentiment. Pension funds pulling back on Bitcoin investments further exacerbated the bearish market conditions. Lastly, anticipation of unfavorable news from the Federal Open Market Committee (FOMC) meeting put downward pressure on the market. However, it's always essential to consider that the crypto market is highly volatile, and these reasons remain speculative with various unseen market factors potentially at play.
Date: April 30, 2024
Market Cap 24h Change: -4.58%
Reason:
The market has been down by -4.58% because of several factors evident in recent news articles. Firstly, Changpeng Zhao, the founder of Binance, being sentenced to prison and the arrest of Roger Ver for tax evasion might have ignited a wave of worry amongst investors and traders alike. Secondly, unstated economic uncertainties resulting in a global crypto market downturn and the sharp plunge in Bitcoin's price also seem to be massive contributing factors. However, it's important to be mindful of other unseen factors which might be at play, affecting the market sentiment.
Date: April 29, 2024
Market Cap 24h Change: -2.22%
Reason:
The market has been down by -2.22% because of several factors highlighted in recent news articles. The SEC's suspected treatment of Ethereum as a security since 2018, as revealed by Consensys documents, has cast uncertainty in the market. This is further intensified by Justin Sun's prediction of SEC's rejection of Ethereum ETF in May and the possibility of increasing regulatory pressure on DeFi platforms. Additionally, the recent declines in Bitcoin and Ethereum due to U.S. Stagflation fears, as well as the continued sell-offs of Bitcoin, Ethereum, and XRP, are likely contributing to the downward pressure on the market.
Date: April 28, 2024
Market Cap 24h Change: 1.03%
Reason:
The market has been up by 1.03% because of several positive developments surrounding the Bitcoin ETF and the cryptocurrency sector. A major driver for this change could be the anticipation for a Bitcoin Exchange-Traded Funds (ETF) approval, as suggested by related articles. Moreover, other events such as the expansion in Bitcoin mining operations indicated by Marathon Digital's recent achievement of mining 1,853 Bitcoins in December, and Nigeria's central bank approval for the launch of the cNGN stablecoin in February, could also possibly had a positive influence on the market. Despite these justifications, these reasons remain speculative and the impact of other unknown market factors should not be disregarded.
Date: April 27, 2024
Market Cap 24h Change: -0.18%
Reason:
The market has been largely stable.
Date: April 26, 2024
Market Cap 24h Change: -1.25%
Reason:
The market has been down by -1.25% because of several factors. Firstly, the investor interest in Bitcoin exchange-traded funds (ETFs) has seen a significant drop, with important outflows reported. Articles like 'Investor exodus from Bitcoin ETFs as BlackRock and Fidelity see significant outflows' and 'Bitcoin ETFs Bleed Badly as Skittish Investors Cash Out $218 Million' highlight this trend. Secondly, investment firms such as ARK have sold off their Bitcoin Futures ETF shares as seen in 'ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares'. Additionally, articles like 'Spot Bitcoin ETFs Rocked By Outflows, BTC Price Succumbs To Bears' suggest a declining demand for Spot Bitcoin ETFs. These collective withdrawals from Bitcoin and Bitcoin ETFs have possibly caused the market downturn.
Date: April 25, 2024
Market Cap 24h Change: 1.01%
Reason:
The market has been up by 1.01% but the reason is not clear.
Date: April 24, 2024
Market Cap 24h Change: -2.68%
Reason:
The market has been down by -2.68% but the reason is not clear.
Date: April 23, 2024
Market Cap 24h Change: 0.39%
Reason:
The market has been up by 0.39% but the reason is not clear.
Follow Us
Newsletter
Join our newsletter to receive the latest updates, news and insights!
Rest assured, we won't spam your inbox!