Crypto market declines: Bitcoin and Ethereum hit multiple month lows

The cryptocurrency market suffered a heavy blow, with the prices of major crypto assets plummeting, and the total market value shrunk by 2.45%.

In the past 24 hours, the cryptocurrency market has experienced a sharp decline, with the prices of major assets sharply declining, and the total market value has dropped to US$2.59 trillion. The plunge is one of the biggest challenges the market has faced in recent months, with major cryptocurrencies such as Bitcoin and Ethereum suffering significant price losses.

Bitcoin breaks below five-month low

Bitcoin suffered a heavy blow, falling by 4%, and its price fell to $80,700, a five-month low, and its market value shrank sharply to $1.6 trillion.

Meanwhile, trading volume reached $15.7 billion, showing strong reactions from investors to market declines and active trading activity.

Coinglass data shows that in the past 24 hours, the amount of liquidated in the Bitcoin market reached US$92.95 million, of which US$57.6 million were liquidated in the long positions and US$34.66 million were liquidated in the short positions.

TradingView's daily technical analysis shows that the Bitcoin market is extremely bearish. The summary and moving averages show 18 and 14 strong sell signals, respectively, while the oscillator shows 4, which also indicates a sell signal.

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