Markets
Top Reasons Why Crypto Market Is Bearish Today
The altcoin industry continued Thursday’s choppy markets today despite Bitcoin (BTC) price rebounding from the $67,500 support level. Despite choppy markets on Friday, the altcoin industry signaled an inevitable near-term recovery amid increased demand from institutional and retail investors.
Additionally, US-based spot Bitcoin ETFs have recorded more than ten consecutive days of cash inflows. Additionally, the cryptocurrency industry eagerly awaits spot Ethereum (ETH) ETF trading in the United States.
Main reason why encryption seems unstable
Calm before the storm
After two months stuck in a correction mode, most crypto assets have signaled an inevitable bullish recovery ahead. According to network data, the accumulation rate of crypto whales is at an all-time high, thus indicating high volatility in the future.
Political Uncertainty in the United States
As the US general election approaches, the issue of encryption becomes more prevalent in both political circles. On Thursday, former United States President Donald Trump was found guilty of 34 counts of falsifying business records, and his sentencing is scheduled for July 11.
Notably, Trump had previously endorsed the crypto industry and promised to never allow the Fed to create a CBDC. Among other promises, Trump has gained popularity among crypto investors in the United States. Thus, his case complicates the issue even further.
Meme Currency Frenzy
In recent weeks, dozens of meme coins have emerged, some robust and others gaining traction. More crypto investors have been directing their resources towards the meme coin industry to maximize gains at the expense of utility-based projects.
According to network data, Dogecoin (DOGE) whales have followed Pepe (PEPE) investors in a similar manner, accumulating more than 700 million coins in recent days, worth around $112 million.