Cryptocurrency market wipes out over $150 billion in a day
The cryptocurrency market has taken a sharp hit, shedding over $150 billion in value, with major assets like Bitcoin (BTC) leading the downturn. As of press time, the total market capitalization stood at $3.23 trillion, down from $3.39 trillion just 24 hours earlier, reflecting a $160 billion loss. Total cryptocurrency market cap 30-day chart. Source: CoinMarketCap The drop appears to be driven by escalating geopolitical tensions in the Middle East, which have rattled global markets. At the center of the sell-off, Bitcoin fell below the crucial $104,000 level. At the time of reporting, it was trading at $103,895, down nearly 4% on the day and 2% over the past week. Bitcoin seven-day price chart. Source: Finbold Just days earlier, Bitcoin had been pushing to reclaim the $105,000 resistance zone, a key level that could have paved the way toward a new all-time high above $110,000. However, a wave of profit-taking appears to have added downward p...