Crypto Crash: Bitcoin and Ether Prices Plunge Amid Market Volatility
The value of Bitcoin, the world’s largest cryptocurrency, fell by nearly 5%, dropping to $78,892.92 as of 6:55 PM GMT on Sunday, according to a report by Reuters.
At the same time, Ether, the second-largest cryptocurrency, also experienced a significant decline. Its price dropped by approximately 9.62%, reaching $1,617.65.
Reuters reports that the sharp downturn was triggered by heightened investor caution and market instability on a global scale. The dip in Bitcoin and Ether is considered one of the most notable crypto market plunges in the first half of the year.
As of now, no official statement has been issued by regulatory bodies or major investors. However, market analysts suggest that investor psychology, coupled with ongoing global economic uncertainty, played a key role in the downturn.
