Whats Causing the Significant Drop in Leading Cryptocurrencies

In today’s cryptocurrency market, there is a noticeable downturn, and major altcoins are experiencing significant declines. The overall global market capitalization for cryptocurrencies has decreased by 3.38% to reach $2.27 trillion. This decrease can be mainly attributed to Bitcoin (BTC) falling below the $62,500 range and currently trading at a low of $62,299. It’s worth noting that this represents a 15% decrease from its peak of $73,750, which was recorded three months ago. Ethereum (ETH), the second-largest cryptocurrency, has also followed a similar downward path.