Crypto Market Faces Downtrend as Bitcoin and Ethereum Dip 7%

By: Isha Das

The crypto market witnessed a short-lived pullback with Bitcoin enduring its worst daily drawdowns in four months, dipping over 7% to nearly $40,000. Other cryptocurrencies such as Ethereum didn't fare well either, seeing a dip of 7%. In the span of one day, a total of $516 million worth of liquidations on crypto futures contracts were reported.

Other significant market players like $XRP, $LINK, $ADA also experienced a decline ranging between 8%-10%. Experts opine that this downturn will not persist for long, predicting a sooner-than-anticipated recovery.