- Global cryptocurrency market cap declined to a March low.
- Bitcoin (BTC) price decreased by over 4%
In a significant shift for the global crypto market, the total market capitalization has seen a decline of 3.83%, reaching $1.02 trillion. This marks the first time since mid-March 2023 that the crypto market cap has experienced a notable downturn.
The downturn is likely to raise concerns among investors and traders in the crypto market. Analysts attribute this decline to various factors, including increased regulatory scrutiny, a major SEC lawsuit against the largest cryptocurrency exchanges such as Binance and Coinbase, and market volatility.
The decline in total market capitalization reflects a broader trend of price corrections across multiple cryptocurrencies. While some individual cryptocurrencies may have experienced more significant drops, the overall market sentiment appears cautious.
At the time of writing, market titan Bitcoin (BTC) price had dropped over 4% in the last 24 hours, and the price had dived into the below $25K range. Ethereum (ETH) decreased by around 65% to trade at the $1.6K mark.
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