The cryptocurrency market has witnessed a serious downturn as Bitcoin (BTC) fell below $99,000, marking a decline of 5.84% in the past 24 hours. The downturn affected other major cryptocurrencies as well. Ethereum (ETH) plunged by 7.85%, reaching $3,077, and XRP faced a notable 10% drop, now priced at $2.82.
Solana (SOL) and Binance also witnessed significant declines, contributing to the overall price drops observed in the top 10 cryptocurrencies. Experts are yet to provide conclusive reasons for this abrupt market change, but various factors, including potential regulatory developments, are suspected to play a role.