Here’s Why the Crypto Market Is Falling
The post Here’s Why the Crypto Market is Falling appeared first on Coinpedia Fintech News
On August 14, 2024, investors and institutions had their eyes on the United States Consumer Price Index (CPI) data, which came in lower than expected. According to the recent report, the US CPI is 2.9%, below the expected 3%, marking its lowest point since April 2021.
Why Crypto Market is Falling?
Following the CPI data, the overall cryptocurrency market turned green, and top assets soared significantly, though they are now experiencing mild selling pressure.
After a significant price rally, market makers took advantage of the CPI data as top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced impressive price surges of 4.3%, 4.5%, and 3.7%. However, this has created mild selling pressure in the market.
Market makers are the ones who often take advantage of major macroeconomic events to liquidate traders. 0 reply
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