A see of red can be seen in crypto markets this morning, with Bitcoin down 6% over the past 24 hours, hitting a low just above $58,000. Cardano, Solana and Ripple were also hit hard, down circa 10% over the last day. We are seeing two main drivers for this.

Firstly, this sell off comes after Bitcoin hit fresh all-time highs last week. This well publicised move likely triggered a lot of profit taking from investors. As this move exacerbated, stops at $60k looks like they were triggered, making this a larger move than usual. The panic sentiment then flowed through to smaller coins.

Another negative we are seeing is news this morning that Robinhood saw crypto revenues fall substantially in the last quarter. From $233m last quarter to $51m this quarter, it’s a large drop, something that is bearish for crypto sentiment.

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