The crypto market is down 2.72% to $2.29T in 24h, primarily driven by a macro-driven sell-off. It shows a strong correlation (80%) with the S&P 500, indicating a shared rates-sensitive move.
1. Primary reason: Crypto followed a broad equity market decline, reflecting a macro-driven, risk-averse environment.
2.Secondary reasons: Leveraged long positions were liquidated, and negative funding rates amplified the downward pressure.
3. Near-term market outlook: If the market holds above the yearly low of $2.17T, consolidation is likely. A break below could trigger a test of the next major support near $2.0T, especially if equity markets weaken further.
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