In the wake of a crypto market downturn exceeding 5% over the past 24 hours, investors are reeling from significant losses across the board. Delving into the aftermath of this crash, we unveil the three cryptocurrencies that bore the brunt of the recent market turmoil.
Why are Cryptos Crashing?
Market-wide Turmoil
The crypto market as a whole has been gripped by a massive downturn, with Bitcoin's brief dip below $60,000 triggering a cascade effect that dragged down major altcoins, including Ethereum. Fear and uncertainty pervade the market, leading to widespread panic selling and exacerbating the downward spiral.
Geopolitical Tensions
Recent geopolitical tensions, such as the conflict between Iran and Israel, have intensified market volatility. In times of geopolitical instability, investors tend to seek refuge in safer assets, prompting mass liquidation of cryptocurrencies and exacerbating selling pressure.
Technical Corrections
Cryptocurrency prices have skyrocketed in recent months fueled by speculative frenzy and institutional interest. However, this rapid ascent has resulted in overvaluation, necessitating corrections to realign prices with market fundamentals. Profit-taking and market corrections are inevitable in such scenarios.
Regulatory Uncertainty
Renewed regulatory scrutiny, particularly from entities like the SEC targeting prominent players like Uniswap, has cast a shadow of uncertainty over the crypto market. Regulatory actions and legal uncertainties surrounding cryptocurrencies have eroded investor confidence, contributing to the prevailing bearish sentiment.
Worst 3 Cryptos That Crashed Recently
ORDI: Current Price: $45.8 Performance in the Past 24 Hours: -25.8% ORDI, short for Ordi Finance, has witnessed a steep decline of 25.8% amidst the recent market turmoil. Despite its promising features, including decentralized finance solutions, ORDI's value plummeted significantly in the face of market uncertainty.
CORE: Current Price: $1.3 Performance in the Past 24 Hours: -18.6% CORE, known for its innovative decentralized liquidity network, endured an 18.6% drop in value within a mere 24 hours. Despite its potential to revolutionize decentralized finance, CORE was unable to withstand the market's downward pressure.
EOS: Current Price: $0.74 Performance in the Past 24 Hours: -17.8% EOS, a blockchain platform designed for decentralized applications, experienced a sharp decline of 17.8% amidst the recent market crash. Despite its widespread adoption and utility, EOS succumbed to the broader market trend, reflecting the vulnerability of even established cryptocurrencies in times of turmoil.
