#CryptoMarketDip

Bitcoin Plunges to $96K as Millions of Dollars 'Evaporate' From Market

The cryptocurrency market experienced a sharp downturn today, with the global market capitalization falling 6.12% to $3.36 trillion. Trading volume surged, up 35.28% to $172.39 billion, reflecting increased market activity despite volatility. The Fear & Greed Index dropped to 54, signaling neutral sentiment as traders navigate uncertainty.

Key Factors Driving the Crash

The sharp rise in US Treasury yields over the past decade, coupled with macroeconomic uncertainties such as fiscal deficits and the looming debt ceiling, have unnerved investors. These factors have increased volatility across asset classes, impacting cryptocurrencies.

Bitcoin Price Heaviest Hit Today?

Bitcoin, the market leader, saw its price drop by 5.23% over the past 24 hours, settling at $96,418.88. Despite the decline, the coin’s market capitalization remains strong at $1.91 trillion. BTC’s trading volume increased by a whopping 26.81% to $62.56 billion, reflecting increased selling pressure amid a difficult macroeconomic environment.

Altcoins in Turmoil Again?

Ethereum led the altcoin market’s decline with a sharp 8.61% drop to $3,352.49. Solana and XRP followed suit, dropping 9.21% and 5.06%, respectively. The overall market sentiment reflected uncertainty, as traders weighed the potential impact of external factors on crypto valuations.