Global crypto markets prices have fallen by 5.37% in the last 24 hours according to crypto market monitoring website, CoinMarketCap. There are three main reasons why the total crypto market has fallen in the last 24 hours. At the time of going to press, the crypto market value stands at around $803.29 billion.
Perhaps the biggest factor affecting major global crypto markets this past week was the FUD surrounding Binance, the largest crypto exchange by daily trading volume. Many people in the crypto market have questioned the recent evidence of a security report that examined the assets of the exchange. This raised the fear of bankruptcy in the market. The next thing is the recent increase in interest rates by 50 basis points.
Although the new interest rate hike is 25 basis points lower than previous hikes this year, the Federal Reserve’s Jerome Powell said the hike will continue and may increase in the coming months. Finally, the case of the CEO of the disgraced crypto exchange FTX is the third factor in the decline of the crypto market.
A tweet by the blockchain intelligence company, Santiment, shared yesterday that “there is a lot of doom and gloom in crypto right now.” The tweet added that this uncertainty is often a low signal. As the chart shared by Santiment shows, traders are feeling very emotional due to the FUD surrounding Binance, the recent CPI level from the Fed, and the ongoing news about FTX money.