The crypto market has been experiencing a significant downturn, with Bitcoin, Ethereum, and other major cryptocurrencies witnessing substantial price drops. On Tuesday, the crypto market was in full panic mode, with valuations falling by double digits across the board. Bitcoin's price dropped by 8.2% over 24 hours, while Ethereum and Dogecoin fell by 9.2% and 9.1%, respectively ¹.
The current market correction is attributed to various factors, including the recent Bybit hack, which resulted in a loss of over $1.4 billion, and the ongoing outflows from crypto investment products. The total crypto market capitalization has dropped by 12.5% over the past week, with Bitcoin's price falling from $96,000 to $84,000 ² ³.
Whale wallets have also been dumping their holdings, with over 10 Bitcoin wallets collectively selling off 6,813 BTC in the past week. This is the largest collective sell-off since last July, and it may indicate a steeper correction ahead ³.
In the midst of this market turmoil, investors are seeking guidance from reputable crypto signals groups to help navigate the crash. Some top crypto signals providers have built a successful track record of identifying high-potential opportunities during market downturns ⁴.
Overall, the crypto market crash is a significant concern for investors, and it's essential to stay informed and adapt to the changing market conditions.
