Crypto Market Decline: Profit-Taking and Economic Concerns Drive Prices Down

The crypto market is down due to profit-taking following a recent rally and global economic concerns. Major cryptocurrencies fell significantly, with Bitcoin, Ether, and others declining over 3%. Investor caution persists amid uncertainty with regulatory changes, and Nvidia’s stock drop also affected prices. Stablecoins, however, have maintained value, and upcoming economic speeches are being closely monitored for potential rate cuts.

The crypto market experienced a downturn as major cryptocurrencies including Bitcoin, Ether, XRP, Solana, Dogecoin, and Cardano dropped over 3% early Wednesday. This decline followed a price rally the previous day, and the total crypto market capitalisation fell by over 4%, reaching approximately $2.73 trillion according to Coingecko. Bitcoin decreased from $84,200 to $83,600, while Ether and Cardano saw declines of up to 5%. XRP continued its downward trend, with potential further declines anticipated. Despite this, there is positive news on the horizon with ProShares planning to launch an XRP ETF on April 30.