Sun, July 14

What’s Behind the Sharp Decline in Major Cryptos?

What's Behind the Sharp Decline in Major Cryptos? Altcoin News
  • Bitcoin (BTC) drops to the $62,000 range, triggering a significant decline in the crypto market.
  • In the last 24 hours, 69,378 traders were liquidated, totaling $163.08 million in losses.

Top cryptocurrencies are facing tough times, while traditional assets like the NASDAQ are growing. What’s causing the chaos?

Today, the cryptocurrency market is displaying a significant downturn, with major altcoins witnessing sharp declines. The global crypto market capitalization has decreased by 3.38% to $2.27 trillion. This drop has been largely influenced by Bitcoin’s (BTC) decline below the $62,500 range, currently trading at a low of $62,299. This marks a 15% decrease from its all-time high of $73,750 recorded three months ago. Ethereum (ETH), the second-largest cryptocurrency, has also followed a similar downward trajectory.

Cryptocurrency Headmap (Source: TradingView)

Despite recent positive developments such as the launch of Australia’s first Spot Bitcoin ETF and the conclusion of the SEC’s investigation into Ether, the market’s response has been overwhelmingly negative. This is reflected in Bitcoin and Ethereum’s losses of 6.5% and 6.9% last week, respectively.

Large-Cap Altcoins in Freefall Amid Market Turbulence

In the upcoming days, the crypto market may see continued pressure, with bearish trends possibly halting any recovery. Following the Bitcoin drop, large-cap cryptocurrencies have faced heavy losses today. Among them, Binance Coin (BNB), Solana (SOL), and Ripple (XRP) have experienced declines despite their previous high gains.

Solana dropped over 9% in the past 24 hours to a three-month low of $123, while XRP fell 4% to a weekly low of $0.47. BNB, the native cryptocurrency of the largest crypto exchange Binance, declined by 5% amid news that India’s anti-money laundering unit fined Binance $2.2 million for non-compliance with local regulations.

Moreover, LayerZero (ZRO), the Ethereum layer 2 solution launched just last week, has gained a maximum loss of 15% in the last 24 hours, bringing its current trading price to $2.67.

However, despite these losses, investors remain active, as evidenced by the daily trading volume of these cryptocurrencies continuing to trend upward. However, the prevailing bearish trends suggest that the market may face ongoing challenges in the near future.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.