The cryptocurrency market continues its downward trajectory. October, a historically bullish month, saw some of the highest liquidations in crypto history. The downtrend continues in November as well. Bitcoin (BTC) is struggling to maintain gains and has fallen to the $104,000 price level. According to CoinGecko data, the original crypto has dipped 2.5% in the last 24 hours, 7.7% in the last week, 2.6% in the 14-day charts, and 16.2% over the previous month. Binance founder Changpeng Zhao (CZ) recently took to X and explained why the crypto market is down. Let’s see what he has to say.

Binance Founder On Why The Crypto Market Is Down

According to the crypto billionaire, there’s a lot of random FUD (fear, uncertainty, doubt) in the market. CZ highlights that “people are in pain, jittery, and anxious. Whales are pouncing on it, spreading more FUD, and cashing in on it.“

However, the Binance founder asks people to learn to verify and check with official sources on any news.

Also Read: Will Binance Coin Surge? BNB Price Prediction for November

While fear, uncertainty, and doubt are clear culprits in the current cryptocurrency market dip, macroeconomic factors also play a significant role. The Federal Reserve announced another interest rate cut after its October meeting. Despite being a bullish development, the market did not bulge. It is possible that Jerome Powell’s cautionary speech may have spooked investors.

Will The Market Recover?

The crypto market may see some rebound over the coming weeks. New trade deals may further boost investor sentiment. Moreover, we may be experiencing a delayed interest rate cut rally.

On the other hand, it is also possible that slow economic growth and rising inflation may keep investors at bay for the time being. We may enter another bear market if cryptocurrencies continue to slump. How things unfold, only time will tell.