Bitcoin Plunges as Crypto Market Faces Downturn
The price of Bitcoin, the world’s largest cryptocurrency, dropped by 5.47% on Sunday night, reaching $81,554.67. The decline is believed to be driven by market volatility and investor uncertainty, according to a report from Reuters.
At 22:16 GMT, this sharp decline was recorded, marking a setback after months of an upward trend. Analysts suggest that profit-taking tendencies and cautious investor sentiment have contributed to the downturn.
Meanwhile, Ethereum, the second-largest cryptocurrency, also experienced a significant decline. At 22:22 GMT, its price fell by 5.4%, settling at $2,024.68.
Experts indicate that while such market corrections are common, they serve as a cautionary signal for investors. They warn that continued instability in the crypto market could lead to further declines. However, many remain optimistic about Bitcoin’s long-term strength and resilience.
