Crypto holders faced a big collapse in the market in spring 2022. Then, following the leading crypto asset, Bitcoin, all other coins significantly dropped. It created panic among investors, who started to withdraw their savings in-masses. On the other hand, many investors see a significant opportunity for the future in this market drop. In this article, let’s discuss what impacts cryptocurrency price and what is the best actions in the crypto market today – buy or sell?
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What is Happening with Crypto Prices Today?
In spring 2022, we witnessed the crypto market drop. Bitcoin collapsed first. Here are the main reasons why it happened so:
- The US Federal Reserve decided to increase the interest rate by 0,50%. That was the most significant rise since 2000, which caused panic and inflation, which, in turn, caused the drop in the BTC price.
- News background always has a considerable effect on the crypto marker. Similarly to optimistic predictions of some famous people making the prices boost, negative news background causes the prices to fall rapidly. Investors reacted to increased inflation and started to sell their coins massively, which caused further panic and drop.
- Some technical issues occurred with the most popular crypto exchange, Binance, when in June, it blocked BTC withdrawals for a while. That was another reason why the market dropped.
Generally, cryptocurrency price today depends on several factors, such as the current situation in the world, inflation, and crisis. Also, investors’ sentiment directly impacts supply and demand; and we should not exclude the news background.
In September 2022, the crypto market seems to be stable. Since the rates dropped, we did not notice any rapid increase in crypto rates. However, slight daily fluctuations still occur.
To keep track of cryptocurrency prices today, welcome to the WhiteBIT crypto exchange platform. It offers crypto charts where you will see all the needed information on the crypto price changes in different periods and will be able to draw your conclusion on the future market’s development.