The cryptocurrency market is experiencing a notable decline, with Bitcoin falling below the $80,000 mark, impacting other cryptocurrencies like Dogecoin.
Current Market Situation
In the past week, the global crypto market has dropped by 4.8%. This resulted in Bitcoin falling below the $80,000 mark and significant losses for other leading cryptocurrencies, including Dogecoin.
Reasons for the Decline
Analysts attribute the current downturn to increasing trade tensions between the US and the EU, both introducing new tariffs. These actions create uncertainty, causing investors to shy away from risky assets like cryptocurrencies.
Dogecoin's Future
According to CoinCodex, Dogecoin could see a significant rally in the coming weeks, potentially reaching $0.60, marking a 300% increase. However, there are concerns that the rally may be followed by a correction.
Despite potential positive developments, macroeconomic factors continue to challenge the crypto market, and until they are resolved, volatility may persist.
