The crypto market has been a rollercoaster ride for investors and traders alike. With its volatile nature, it’s hard to predict what the future holds for this industry. Currently, the market is experiencing another crash, and there are many reasons why this is happening. Will the crypto market crash? In this article, we will explore the top 3 reasons why this might happen.
Bitcoin failed to breach the 30K price higher
Bitcoin, the largest and most popular cryptocurrency, has been struggling to break the 30K price level. After hitting an all-time high of nearly $65,000 in April 2021, Bitcoin has seen a sharp decline. The failure to breach the 30K level is a significant indicator of a potential crash.
The happened previously with Bitcoin when it failed to break 20K back in 2018 and 70K back in 2021. This resulted in strong downtrends and the fall of the entire crypto market. Today we are seeing similar technical patterns with fundamental elements, hinting towards a crash.
The collapse of Crypto Exchanges continues
Another significant factor contributing to the current market crash is the collapse of exchanges. BlockFi, a popular crypto lending platform, is currently battling its investors’ lawsuits. On top of that, the recent collapse of Bittrex, a popular crypto exchange, has added to the uncertainty in the market.
These events have resulted in a significant loss of trust from investors and traders, leading to panic selling and lower prices. With more exchanges at risk of collapse, it’s hard to say where the market will go from here.
Bitcoin and Ethereum break crucial support levels
Bitcoin prices failed to breach 30K and are currently being traded around 27K, with lower targets. Ethereum, the second-largest cryptocurrency, has also broken its strong support of $1,800. These significant support levels breaking are clear indications of a potential bearish trend for the market.
Decentralized Exchanges (DEXs) removing Metamask as an option to sign in
The last significant factor contributing to the market crash is the removal of Metamask as an option to sign into Decentralized Exchanges (DEXs). Metamask is a popular wallet that enables users to interact with decentralized applications on the Ethereum blockchain.
Such shady events occurring at such times trigger FUD (fear, uncertainty, and doubt) in the crypto market, leading to lower prices. The removal of Metamask has caused many traders to panic, leading to a potential market crash.
Conclusion: Will Cryptos Crash?
In conclusion, the crypto market is currently experiencing a crash, and there are many reasons for it. From the failure of Bitcoin to breach the 30K price level to the collapse of exchanges and breaking of crucial support levels, there is a lot of uncertainty in the market. Additionally, the removal of Metamask as an option to sign into DEXs has added to the fear and panic selling. While it’s hard to predict what the future holds, it’s important for investors and traders to stay vigilant and cautious.
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