The cryptocurrency market today witnessed a significant decline, with red dominating and investors panicking and selling off.

The current price of Bitcoin (BTC) is $94,338, down 2.13% compared to yesterday.

Ethereum (ETH) also decreased by 1.23%, down to $3,324.

Meanwhile, BNB (BNB) slightly increased by 0.17% to $696.87, and XRP (XRP) rose by 0.86% to $2.35.

However, Cardano (ADA) dropped sharply by 5.52%, now at $0.94.

The total cryptocurrency market capitalization has fallen to $3.44 trillion, losing 3% from last week's record high.

The main cause of this drop is attributed to significant economic events in the United States, including GDP and inflation reports, along with the upcoming meeting of the Federal Reserve (Fed).