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The crypto market heat map is shining red with the price falls compared to the gains. But this is not just today, as the market has been behaving like this for days with no significant recovery since March. The entire month of April had been full of ups and downs. For a few days, the market returned to normal, whereas the rest days were considered a part of the crypto market crash rally.
So, what is the status today? Did the crypto market crash today, or is it just a normal day? Let us discuss that in this blog.
Overview Of Today’s Crypto Market Crash
The overall market capitalization has dropped to a month low of $2.14 Trillion, with its 5% fall in just a day. Also, the global trading volume is just slightly below $100 Billion, which isn’t the best, but it has surged 30% from yesterday. Further on, the Bitcoin dominance is also high at 52.8%, with a neutral score on the fear and greed index.
In the case of the top most popular cryptocurrencies, all of them are facing a downward push where Bitcoin value has dropped to $57,071, Ethereum is at $2885, Solana is at $123, Dogecoin is at $0.1224, and the same is the case for others.
While focusing on individual categories, the meme coin market is down by 8.6%, the Solana ecosystems market cap is down by 2.7%, and the AI ecosystem is down by 2.15%, confirming the chance of a crypto market crash.
After analyzing these stats, the crypto market crash did happen today and heavily affected the cryptocurrency prices.
Why Did the Crypto Market Crash Today?
Microstrategy, the famous biggest Bitcoin-holder company, has revealed $53 Million in losses in its quarterly report. This news impacted the crypto market as the company’s loss influenced the Bitcoin price.
Other than that, the Sell in May and Go Away strategy has halted the crypto market’s sentiments for today. This Sell in May and Go strategy suggests the investors sell their assets in May and rebuy them after October. Though it is not the perfect strategy for the crypto market, this topic has been trending throughout the day, influencing the market sentiments.
When Will the Crypto Market Recover?
The ongoing Fed meeting has created an impact on the crypto as well as on the stock market performance today, as both of these witnessed a market fall. The meeting will be over today by 2 p.m. European Time (11:30 IST). And the results of this Fed meeting will play an important role in predicting the upcoming conditions of the market.
As per historical evidence, if the meeting ended with the set expectation of no changes in interest rate, there is a possibility of seeing better market conditions. However, if the negative news outshines the positive, the crypto market crash might continue for the next few days.
Other than that, the SEC’s take on Ethereum Spot ETF is still pending. It is one of the most anticipated events of the crypto industry, where results will be out by the month’s end.
The SEC has not been very vocal about the possible outcome, causing panics in the market up to now. As the days are approaching the results, the market might receive a few indications of the result that could help with the upsurge in the market.
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