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Why is the Crypto Market Crashing Today? Bitcoin Drops 6%, Ethereum dips 8%

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Due to global macroeconomic conditions, cryptocurrencies are in slaughter on Monday. The market is having trouble maintaining its $900 billion valuation. Investors maintained a cautious stance as they awaited the US Fed’s monetary policy decisions in the face of rising inflation.

The industry leader in cryptocurrencies, Bitcoin, has fallen to a three-month low, and Ethereum has fallen more than 8% today. There are currently fewer triggers in the cryptocurrency market, and the excitement surrounding Ethereum Merge has diminished. Additionally, the US dollar’s surge has further damaged the atmosphere of the global markets, rendering cryptocurrencies susceptible.

Overnight, the market capitalization of all cryptocurrencies fell by over 2% to $2.55 trillion.

Bitcoin Drop 6%

Bitcoin has dropped around 6% of its value in the past day and is currently trading at about $58,750. Almost the past week, cryptocurrency has decreased by over 8%.

To $4054, Ethereum has dropped more than 3%. It has increased by almost 5% during the past week.
Solana has decreased by about 9% in the last day, while XRP has reduced by more than 7%. Both of them cost about $189 and $1, respectively.

At $0.23, Dogecoin has nearly 12 percent less price. The cryptocurrency has dropped by about 4% during the past week.
The above prices are accurate as of October 27 at 1:38 IST (Data courtesy: coinmarketcap.com).

Ethereum drops by 8%

The worldwide crypto market cap has decreased by more than 2% to $2.55 trillion from the previous day.

To $4054, Ethereum has dropped more than 3%. It has increased by almost 5% during the past week.
Solana has decreased by about 9% in the last day, while XRP has reduced by more than 7%. Both of them cost about $189 and $1, respectively.

At $0.23, Dogecoin has roughly 12 percent less value. The cryptocurrency has dropped by about 4% during the past week. Prices are current as of 01.38 IST.

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