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06/24 00:47

Why is Crypto Crashing Hard Today? BTC, ETH and XR

#World Cup Predictions: 100,000 USDT Daily #HTX Invites You to Share 600K USDT in Gift Packs #TradFi Trading Strategies Sharing Challenge Why is Crypto Crashing Hard Today? BTC, ETH and XRP Fall 5% Crypto markets are in freefall on Monday, and for once the selling has nothing to do with anything specific to digital assets. Bitcoin fell to $62,400, down 4% on the day, Ethereum dropped 5.45% to $1,657 and XRP slid 4.36% to $1.09. The total crypto market cap shed nearly $86 billion in 24 hours to sit at $2.14 trillion, with the Fear and Greed Index at 20 as selling accelerated across every major asset class simultaneously. This is not a crypto story, it is a global liquidity story, and crypto is simply the most visible casualty. South Korea Triggered a Circuit Breaker Again The session’s most dramatic moment came from Seoul, where South Korea’s Kospi crashed 10% and triggered a circuit breaker for the second time this month. Samsung and SK Hynix both fell more than 12% after a local media report revealed that SK Hynix is slowing expansion of its newest AI memory chip and shifting focus to a lower-priced commodity-grade chip to cover a production shortfall. Quarter-End Rebalancing Is Adding Pressure JPMorgan warned this week that quarter-end rebalancing could force up to $165 billion in equity selling worldwide through June 30. Large pension funds and sovereign wealth funds are required to rebalance back to fixed stock-to-bond targets after a strong run in equities, and that mechanical selling is happening right now across global markets. The window does not close until the end of the month. The Fed Is Not Helping Nine of the Federal Reserve’s 19 policymakers are projecting at least one rate hike this year, and markets are now pricing a 70% probability of a hike by September. That single shift in expectations raises the cost of holding risk assets across the board. Crypto, which now shows a 97% correlation with the S&P 500, is feeling that repricing as direct

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