The crypto market has taken a hit this week, with investor sentiment turning increasingly bearish.
Various factors are contributing to this negative sentiment, which has seen Bitcoin drop by over 5% in the past four days while Ethereum has slumped by 3%.
In this article, we take a closer look at these factors before highlighting several altcoins withstanding this bearish wave and raising millions through their respective presales.
Macroeconomic Factors Weigh on Crypto Market Sentiment
Volatility continues to run rampant in the crypto market, with last week’s bullishness replaced by a sharp reversal in fortunes.
One key contributor to this downturn is the uncertainty surrounding the US debt ceiling.
Over the past fortnight, US politicians have been engaged in intense negotiations, seeking to strike a deal to raise the debt ceiling, thereby preventing a potential default.
The prospect of a US default has got investors on edge…
