Why is the Crypto Market Down Today? Here’s What Happened in the last 12 hours!

Crypto markets experienced a roller coaster rise in the past few days and peaked at over $2 trillion. Soon after this, the markets experienced a minor pullback and remained consolidated within a narrow range for a while. However, the popular tokens are experiencing a fresh bearish heat, due to which BTC, ETH, XRP, ADA, etc. and many more tokens have plunged significantly. 

But what happened within the crypto space, which has made the markets extremely volatile?

• Bitcoin price Drops Below $51,000, forming the lows at $50,926 but soon recovering above the levels

• Regardless of bearish pressure, Ethereum sustains above $2900, displaying immense strength.

• The Co-founder of Axie Infinity, Jeff, faced exploitation, losing $9.7 million worth of ETH from two of his wallets

• The CIO of Valkyrie, Steven McClurg, said in an interview that Ethereum spot ETF won’t be coming anytime soon, but it could come in the next year or two

• Crypto exchange Kraken filed to dismiss a lawsuit by the U.S SEC, which was filed last November on allegations of operating as an unregistered exchange

• Solana-based NFTs record a milestone of over $5 billion in total sales

• Matrixport, an all-in-one crypto financial service, predicts the price may reach $63,000 by March 2024

Back in 2023, during the start of the second or third quarter, it appeared that the markets were not going to make it as the trend remained stuck within a steep descending trend, despite numerous efforts by the bulls. Similarly, regardless of rising bearish actions, the Bitcoin (BTC) price does not appear to have faced any major rejection. Hence, it could regain the $52,000 very soon and head towards the next highs at $53,000.