🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Why is the crypto market down today?

Published 03/28/2023, 11:35 AM
Updated 03/28/2023, 01:20 PM
TGT
-
CME
-
BTC/USD
-

Right as analysts thought that Bitcoin (BTC) was on the cusp of confirming a new bull market, the crypto market took a turn to the downside after the fallout from the United States Commodity Futures Trading Commission (CFTC) presented a lawsuit against Binance and its CEO Changpeng “CZ” Zhao. The lawsuit against the crypto sector’s largest exchange by users and volume spooked investors and brought prices down across the market.

Bitcoin price hit a 7-day low on March 28 at $26,704 after failing to maintain the key $27,000 level. Traders are worried that a further correction could lead to a revisit of the bear market lows.

Cryptocurrency market performance, daily timeframe: Coin360
Bitcoin netflow on Binance. Source: Glassnode
Target (NYSE:TGT) interest rate probabilities. Source: CME Group (NASDAQ:CME)
Global economic health. Source: U.S. Bank

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.