Crypto market crash: Why Bitcoin, XRP, Ethereum and altcoins are down today? Latest crypto market news and price analysis as BTC falls below $60,000, ETH plunges nearly 12%, and the Nasdaq Crypto Index drops almost 7%
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The crypto market is enduring a brutal sell-off today, with Bitcoin decisively breaching the psychologically critical $60,000 support level, while Ethereum plummeted nearly 12% and the broader Nasdaq Crypto Index shed almost 7%. This sharp capitulation is primarily driven by a significant cool-off in institutional demand for Spot Bitcoin ETFs, signaling a shift in risk appetite post-halving euphoria. This downturn marks a stark reversal from earlier bullish sentiment, as net inflows into US Spot Bitcoin ETFs have dwindled, even turning negative in some instances, reflecting a broader "risk-off" environment. Investors are increasingly wary amid persistent inflation concerns and the Federal Reserve hawkish stance, which is dampening enthusiasm for speculative digital assets. Altcoins like XRP and Solana are suffering steeper losses, often amplified by ongoing regulatory uncertainties and project-specific pressures, indicating a flight to perceived safety even within crypto's volatile ecosystem. Market watchers are now closely monitoring Bitcoin ability to reclaim $60,000, with a sustained breach risking further liquidation cascades across the derivatives market. Upcoming US inflation data and any signals from the Federal Reserve regarding future monetary policy will be pivotal in determining whether this correction deepens or finds a floor, challenging the narrative of crypto's maturation as an asset class.