Cryptocurrency Market Crash: Causes, Consequences, and Recovery At the beginning of this week, the cryptocurrency market witnessed

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Cryptocurrency Market Crash: Causes, Consequences, and Recovery

At the beginning of this week, The cryptocurrency market saw a dramatic decline, with the total market cap falling by 12.5% ​​to $1.97 trillion. Bitcoin, the largest cryptocurrency by market cap, fell to $53,399, while Ethereum dropped sharply by 21.2% to $2,100.

Several factors contributed to the decline. These include weak US economic data, the decoupling of the yen, and large liquidations from institutional traders such as Jump Trading. Collectively, these factors increased market volatility, leading to widespread concern among investors.

However, the market showed resilience, recovering the following day as Bitcoin regained its position above $60,000 and Ethereum recovered to $2,626. Analysts attribute the recovery to the expected interest rate cuts from the Federal Reserve.