Why is the crypto market down this week?

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The crypto market is down this week as a strong US dollar, worsening macro conditions and declining investor sentiment negatively impact the market.

The start of September ignited a wave ofEthereum long liquidations. Source: CryptoQuant

The rush of Ether liquidations comes as the entire crypto market is shedding total value of funds locked and volumes continue to decrease. The crypto market TVL reached a 2023 high on April 15 at $53 billion while the current USD value is at $37.7 billion, reflecting a loss of over $15 billion.of the U.S. dollar which hit a 6-month high on Sept. 7 will continue to be a danger to crypto assets.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

 

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