Why is the crypto market down today?
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The cryptocurrency market is down today due to the escalating US-led trade war and investors’ worries that a global recession looms.
The cryptocurrency market is down on April 7, with the total market capitalization dropping by 10% at the peak of the selling to $2.41 trillion. Trading volumes across the total crypto market spiked by 293% over the last 24 hours to $165.05 billion, reinforcing the intensity of the sell-side activity.
Top cryptocurrencies and their 24-hour performances. Source: Coin360
While the crypto market is known for its high volatility, several unique factors contributed to this latest dip, including US President Trump’s stiff adherence to his recently announced tariffs and sharp selling in the equities and crypto market, leading to historically large liquidations.
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