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Major Declines Across Leading Cryptocurrencies
The cryptocurrency market is experiencing a significant downturn, impacting major coins such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Ripple (XRP). According to the latest data from CoinMarketCap, the total crypto market capitalization has dropped by 3.15%, falling to $3.35 trillion. In the past 24 hours alone, over $186 billion has been wiped from the overall market value.
Price Movements of Top Digital Assets
Bitcoin is now trading at $103,500, down 2.38% compared to yesterday and suffering a 4.3% loss over the past week. Ethereum has fallen by 4.9%, with its value at $2,513. Meanwhile, Dogecoin endured the steepest decline among the top ten cryptocurrencies, with its price plunging nearly 10% in just one day.
Key Factors Behind the Crypto Market Correction
Experts point to two main catalysts behind today’s crypto crash. First, recent harsh comments by Donald Trump criticizing China over alleged trade agreement violations have raised geopolitical tensions, adding uncertainty for crypto investors. Second, the Federal Reserve is unlikely to lower interest rates at its meeting on June 18, dampening hopes for more liquidity in risk-on markets.
Options Expiry Adds to Volatility
Market volatility intensified this week as large-scale Bitcoin and Ethereum options contracts are set to expire on Wednesday, worth $12.1 billion and $2.13 billion, respectively. The expiration of these derivatives contracts is known to increase price fluctuations across the digital asset market.
As the global crypto sector navigates these headwinds, investors remain watchful for signs of stabilization or further downward pressure in the days ahead.
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