Cryptocurrencies Experience Sharp Decline Amid Global Market Crisis
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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.