Investors across the world woke up to discover a nasty crypto crash today. Bitcoin fell by more than 6%, leading to a flash decline responsible for wiping almost $100 billion from the cryptocurrency market. The likes of Ether (ETH) and Dogecoin (DOGE) are down, alongside most other coins and tokens, but why exactly? Here’s the latest information on the July 8, 2021 crypto market crash.
Why is crypto down today? (July 8, 2021)
— Bitcoinsensus (@Bitcoinsensus) July 6, 2021
Crypto value is falling today, July 8, 2021, as market leader Bitcoin (BTC) fell by more than 6% overnight. Bitcoin has been unusually stable in recent days, causing (seemingly accurate) speculation that market volatility is on the way.
Rather than there being a major cause to point fingers at — like an Elon Musk tweet, for example — the market is experiencing natural fluctuations. Past precedent indicates that the market will more than likely recover, and even continue to prosper. Only time will tell for sure, however, so be sure to keep a close eye on any investments.
Bitcoin is the overriding reason for the crypto crash today. Cryptocurrencies like Dogecoin are getting swept up, simply as a result of the market leader dropping. Many traders see BTC falling as a sign to bail on their crypto investments, as others are sure to follow. In actuality, this can serve as a self-fulfilling prophecy and be the root cause of dragging prices down.
Looking for new crypto investment opportunities? Tiger King Coin (TKING) is Joe Exotic’s brand-new cryptocurrency, and it’s currently taking off. Proceeds from sales help to fund Joe’s ongoing legal battle, so investing could serve a dual purpose for fans of the Netflix star. As part of the same ecosystem, people can also purchase Tiger Cub tokens (TCUB) — here’s how to do just that.
In other crypto news, Baby Doge Coin recently got a boost from Tesla CEO Elon Musk. A lot of people are looking to invest, though there’s been some confusion over the Baby Doge ticker symbol.