Top Reasons Why the Crypto Market is Down Today

Top Reasons Why the Crypto Market is Down Today

The altcoin industry continued with Thursday's choppy markets today despite Bitcoin's (BTC) price rebounding from the $67,500 support level. Despite the choppy markets on Friday, the altcoin industry has signaled an inevitable rebound in the near term amid heightened demand from institutional and retail investors.

Furthermore, the United States-based spot Bitcoin ETFs have registered more than ten consecutive days of cash inflows. Additionally, the cryptocurrency industry anxiously awaits the trading of spot Ethereum (ETH) ETFs in the United States.

Top Reason Why Crypto Feels Choppy

Calm Before the Storm

After two months of being trapped in a correction mode, most of the crypto assets have signaled an inevitable bullish rally ahead. According to on-chain data, the crypto whale accumulation rate is at an all-time high, thus indicating major volatility ahead.

Political Uncertainty in the United States

As the United States general elections approach, the crypto issue is becoming more prevalent across 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 pledged never to allow the Fed to create a CBDC. Among other promises, Trump has gained popularity among crypto investors in the United States. Thus, his case further complicates the issue.

Meme Coin Frenzy

Over the past few weeks, dozens of meme coins have emerged, with some rugging while others gaining traction. More crypto investors have been directing their resources to the meme coin industry to maximize gains at the expense of utility-based projects.

According to on-chain data, Dogecoin (DOGE) whales have followed Pepe (PEPE) investors in a similar manner by accumulating over 700 million coins in the past days, worth around $112 million.

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