The crypto market hasn’t had the best of times lately. This was the case at press time too, with the industry’s total market capitalization falling to $2.26 trillion at press time. As expected,Bitcoin and the market’s top altcoins weren’t the only ones affected though., with its market capitalization falling by 1.33% to $47.89 billion. In fact, trading volume dropped significantly by 19.31% too.
Now, various factors have contributed to this market-wide decline, both market-specific events and broader economic influences. Hence, it’s worth looking at these factors.has led to a cooling period in the crypto market. United States’ Securities and Exchange Commission is reportedly close to approving ETFs tied to the spot price of Ether, with expectations for approval as soon as 4 July.
While this anticipation initially drove market optimism, the subsequent market adjustments have contributed to the ongoing downturn. Moreover, seasonal trends and reduced trading activity during the summer months are also affecting the market. Historically, June has seen mixed performances from Bitcoin, with an average return of -0.56%. Simply put, it has been one of the weakest months for the cryptocurrency.It can thus be argued that the fall in trading volumes during the summer vacation period is leading to less market activity and greater volatility.The market is also facing concerns about the potential impact of the Mt.
That being said, the anticipated launch of spot ETFs for other major cryptocurrencies like Solana could spark renewed interest and provide some market support.recommend strategies for navigating the downturn. For Bitcoin, generating yield in a sideways market has been suggested, with the potential to make directional bets in Q4.
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Source: CryptoAmb - 🏆 22. / 68 Read more »