The crypto market has witnessed a significant downturn, with the global market cap tumbling from over $2.8 trillion to just below $2.5 trillion in a matter of weeks., which has seen a 7.9% drop in the past fortnight alone.
A closer look at Bitcoin revealed that it has not only dropped by nearly 8% over the last two weeks but has also continued to struggle in the last 24 hours, shedding an additional 0.1% to trade at around $65,524.One of the primary factors the CryptoQuant analystThe CryptoQuant analyst points out a significant drop in miner revenues—by as much as 55%—has forced miners to offload Bitcoin to cover operational costs.
Normally, new issuances signify fresh capital entering the market, bolstering trading volumes and supporting price levels.However, with stablecoin issuances stalling, there’s less new money to counteract selling pressures, leading to increased volatility and price declines.Another significant pressure point comes from the outflows observed in major cryptocurrency exchange-traded funds .
These withdrawals reflect a broader sentiment of caution among crypto investors, particularly in response to the uncertain macroeconomic landscape.
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Source: CryptoAmb - 🏆 22. / 68 Read more »