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The crypto market is facing a downturn due to several factors.
Here's a full update:
- Escalating trade wars and tariffs imposed by the US government have led to increased market volatility .
- Massive long liquidations ($257 million in 24 hours) have amplified the sell-off, with Bitcoin and Ethereum being heavily affected .
- A prevailing bearish technical setup, including a rising wedge pattern, signals a potential further downturn .
- Global economic uncertainty and fears of inflation have also contributed to the decline .
- Crypto market capitalization has dropped by 0.91% to around $2.77 trillion .
- Bitcoin's price is correlated with traditional risk markets, exacerbating the decline .
#CRYPTO MARKET UPDATE