After a brief recovery yesterday, the crypto market has turned red again.
On Monday, prices moved higher after comments from US President Donald Trump, who said he supports crypto and believes the US must lead in digital assets or risk falling behind China. That statement helped lift market sentiment for a few hours.
But the bounce did not last.
At the time of writing, the total crypto market value has fallen 1.22% in the last 24 hours, dropping to $2.62 trillion.
Bitcoin, Ethereum and XRP are all trading lower again, along with most large altcoins.
Bitcoin continues to lead the market lower.
Bitcoin is down more than 11% over the past seven days, keeping pressure on the broader market.
Ethereum has fallen even harder than Bitcoin.
Because Ethereum has such a large market value, its decline has added to the overall market losses.
Crypto is currently moving on its own, not in line with traditional markets.
The market is at a critical level.
Despite supportive comments from political leaders, crypto prices are falling again due to:
Until Bitcoin stabilizes and sentiment improves, the market is likely to remain volatile.
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