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Crypto Market Sees Red: Altcoins Drop as Bitcoin Holds $95K
The cryptocurrency market has taken a hit, with the average price of digital assets dropping by more than 2% in the past 24 hours. While Bitcoin remains relatively stable around $95,000, altcoins have suffered significant losses. The top five losers of the day include:
- Raydium (RAY): -25%
- Hyperliquid (HYPE): -10%
- Ethena (ENA): -9%
- Pyth Network (PYTH): -8%
- Optimism (OP): -7%
The sharp decline in altcoin prices has left investors questioning what’s behind the latest market downturn.
TOTAL crypto market cap in USD - TradingView
Why Are Cryptos Crashing?
Several key factors are contributing to the market slump:
SEC ETF Delays
Investors are closely watching the U.S. Securities and Exchange Commission’s (SEC) decision on new crypto ETFs. The lack of approvals is creating uncertainty, leading to a pause in buying activity and fresh investments.
Profit-Taking from the Recent Bull Market
Many investors are cashing in on gains made during the last bullish rally, triggering sell-offs that put downward pressure on prices.
Bybit Hack Shakes Confidence
The recent $1.4 billion hack on Bybit has raised security concerns within the crypto community. Major exchange breaches often lead to panic selling as traders worry about the safety of their assets.
BTC/USDT 1-day chart - Bitget
While Bitcoin has remained resilient at $95K, the broader market sentiment appears shaky. Whether this is a temporary correction or the start of a larger downturn remains to be seen. Investors will be watching for any developments on SEC ETF approvals and security measures following the Bybit hack to gauge where the market heads next.
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