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At 06:35 GMT on Monday, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, experienced a notable decline, dropping 4.82% to a value of $82,157.11. This downturn aligns with a broader market trend observed over the past 24 hours, during which the total cryptocurrency market capitalization decreased from $2.85 trillion to $2.70 trillion, marking a 5.53% change.
Ethereum (ETH), the second-largest cryptocurrency, also faced a downturn. As of 06:35 GMT, ETH was trading at $2,056.14, reflecting a 3.93% decrease. This decline is part of a recent pattern, as Ethereum’s price had previously surged 3.6% on Saturday to reclaim the $2,220 mark, driven by rising open interest and bullish momentum.
Several factors have contributed to the recent volatility in the cryptocurrency markets. Global economic concerns, including China’s deflationary pressures and escalating trade tensions due to President Donald Trump’s unpredictable tariff policies, have heightened market uncertainty. These developments have led to declines in both traditional financial markets and cryptocurrencies.
Additionally, recent events, such as the Bybit hack, have affected the broader crypto market, which led to a sharp decline in Bitcoin prices. Bitcoin fell from $90,400 to $85,000 within minutes of the announcement, with the broader crypto market experiencing similar declines.
Market analysts are closely monitoring key support levels for Bitcoin. Some suggest that if Bitcoin falls below its support level of approximately $90,680, it could potentially decline further to around $73,000. This perspective is based on technical patterns indicating a possible reversal from a bullish to a bearish trend.
