The cryptocurrency market has recently seen a significant decline, dropping below $3.2 trillion, with more than $300 billion wiped out since January 6. Bitcoin is maintaining its price above $92,000, revealing a trend of higher lows since the end of December.
This bearish momentum is fueled by reports that the U.S. government has been authorized to sell approximately 69,370 BTC valued at $6.5 billion from the Silk Road case. The Federal Reserve's tightening stance is also adding pressure on the market.
These developments have created apprehension in the crypto market, influencing investor sentiment and resulting in the current downward trend.