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Why the Crypto Market Slumped in November
Analytics Insight
|Crypto Scandals
The cryptocurrency market faced a major downturn in November, leaving investors and analysts perplexed about the underlying causes.
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A confluence of macroeconomic factors and specific market events contributed to this sharp decline. In the forthcoming article, we will delve into the key drivers of this downturn and explore the implications for the future of digital assets.
Macroeconomic Factors
The main reason the crypto market dived during this November is the macroeconomic atmosphere. For some time, the global economy has continued to face headwinds from rising inflation and geopolitics, as well as the uncertainty surrounding the U.S. presidential election. This has left all the investors with a risk-off sentiment and moving towards volatile assets such as cryptocurrency and hedges to safer investments in the likes of bonds and gold.
US Presidential Election
The U.S. presidential election greatly contributed to making the market volatile. In the days leading up to the day of the election, the electability of various candidates was subject to change and thus not easy to determine market direction. When the election-winning chances of former President Donald Trump were declining, market confidence also declined because most investors considered him a winner of the election as a good fortune for the crypto market. Conversely, the rising chances of Vice President Kamala Harris winning raised concerns about possible regulatory changes to the disadvantage of cryptocurrencies.
Liquidation and Market Correction
Cette histoire est tirée de l'édition Crypto Scandals de Analytics Insight.
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