What is going on with the crypto market?
What is going on with the crypto market?
In today's article, I'm going to cover what exactly has been going on with the crypto market over the last week and a half. I'm sure as many of you know it's been a huge roller-coaster ride of price action and emotions over the weeks and a half. That's why I thought it would be super important to cover this topic and to discuss it with you, my readers. I'm also going to cover when we could also expect the market to start picking up. So with that being said let's jump into today's important article.
Stock market crash
The initial reason for the crash to happen in the first place for the cryptocurrency market was the crashing of the stock market. More specifically the NASDAQ100 had an initial loss of 3.1 percent within the first hour and then lost more within the next couple of days after that. This came as the FED (Federal reserve system) announced interest rate hikes. Leaving may fear that a coming Recession is on its way. Which left many selling their stocks in hopes of getting out before the rest of the market does. Which then led to a chaotic market over the last week. This, in turn, hurt cryptocurrency because as of right now the cryptocurrency market is pegged to the stock market more specifically the NASDAQ100.
Terra unpegging
On top of all the stock market chaos, another source of bad news for the cryptocurrency market has been from within itself. The surprise news was the unpegging of terra USD from Terra Luna. This came as people began to sell and dump their Terra Luna at significant rates. Which led to Terra USD losing its value quickly as and on top of that the selling of TUSD also dumped Terra Luna which even brought TUSD down more. Terra Luna which was a top ten coin before this crash has led many to not trust the current state of the crypto market which in effect led to more dumping as Terra Luna lost its value and place in the top ten and eventually top 100 coins.
When to expect the market to go up
Now before we get any further into this article I just want to state that none of this is financial advice and that they are just my personal predictions of the market. Now since the inflation rate is still at an all-time high and recession fears are still lingering the possibility of the market picking up anytime soon is slim. We most likely won't see crypto start picking up until stocks do or until the Ethereum merge happens. Although as of writing this article (5/15/22) crypto has picked up a little and has been somewhat stable staying within the 29k-31k range. Although I doubt It will stay stable or go up anymore. We will likely see it come down some more possibly to 25k again before it starts to go positive and we see a pump. I'm expecting the market to pick up near the end of summer time possibly around august possibly.
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