Cryptocurrencies Experience Sharp Decline Amid Global Market Crisis

Bitcoin and Ether Lead the Plunge

On Monday, cryptocurrencies were affected by the risk aversion crisis in global markets. This situation led to Bitcoin dropping by more than 10% and Ether experiencing its largest decline since 2021.

Market Turmoil

The sell-off in cryptocurrencies was even more severe. Bitcoin fell to $54,280 with a daily decrease of 10.6% as of 7:30 AM UTC. Ethereum also lost 20% of its value, dropping to $2,330.

Top 10 Cryptocurrencies in Decline

Among the top 10 cryptocurrencies by market capitalization, Binance Coin dropped by 15.6%, Solana by 11.2%, Ripple by 14.3%, Toncin by 10.6%, Dogecoin by 15.2%, and Cardano (ADA) by 14.5%.

Global Economic Concerns

The declines came as global stock sell-offs intensified, reflecting concerns about the economic outlook. Geopolitical tensions in the Middle East are rising, further unsettling investors.