$BTC

The cryptocurrency market experienced a notable decline yesterday, influenced by several key factors. The most prominent of these was profit-taking after the strong increases recorded by cryptocurrencies in the previous days, as investors rushed to sell assets for quick gains, leading to widespread selling pressure.

Additionally, forced liquidations of leveraged positions contributed to deepening the decline, with positions worth over $1.3 billion being liquidated within 24 hours, which intensified the downturn.

On the other hand, global economic concerns, particularly related to U.S. interest rate policies, affected investor sentiment, as strong economic data reduced expectations for interest rate cuts, prompting investors to steer clear of high-risk assets such as cryptocurrencies.

Furthermore, the breach of the Bybit platform undermined investor confidence, as over $1.4 billion worth of Ethereum was withdrawn, raising concerns about the security of digital platforms.

Finally, the decline in shares of major technology companies increased pressure on the cryptocurrency market, given the close correlation between the performance of these stocks and cryptocurrencies.