Crypto Market Drops: Reasons Behind Tuesday’s Decline

The cryptocurrency market saw a notable dip on Tuesday, October 28th, with its combined capitalization falling by over 1% to reach around $3.9 trillion. This decline was driven by Bitcoin’s downward movement, which dropped to a local low of about $112,412. Ethereum (ETH) also experienced a significant drop, shedding over 3% in the past 24 hours and trading at approximately $3,946 as of press time. 7 Although the market remains volatile due to anticipated FOMC data, the fear of further capitalization decline has subsided, with traders anticipating high-impact news from the US.