*How the market downturn is affecting Bitcoin*

- *Price Drop*: $BTC Bitcoin has experienced a significant price drop, plummeting by nearly 20% over the last 24 hours to its lowest level in six months ¹. It has crashed 17.7% in 24 hours, trading at $50,193.32 ².

- *Causes of the Downturn*: The crypto market downturn can be attributed to broader economic turmoil, including ¹ ²:

- Weak jobs figures in the US

- Higher unemployment rate

- Bank of Japan’s unexpected interest rate hike

- Rising geopolitical tensions in the Middle East

- *Market Capitalization*: The total market capitalization has dropped to $2.51 trillion over the last day ³.

- *Impact on Other Cryptocurrencies*: Other leading cryptocurrencies have also suffered significant losses, with eight of the top 10 most valuable tokens falling by more than 20% since Sunday ¹. Ethereum ($ETH ) saw its value fall more than $1,000 in a matter of days, down from $3,300 at the start of the month ¹.

- *Expert Insights*: Analysts expect short-term support to be established around the $48,900 region ². However, the macroeconomic environment will determine further price action ².