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Why is the crypto market down today?

Published 03/28/2023, 11:35 AM
Updated 03/28/2023, 01:20 PM

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

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