#CryptoMarketDip The cryptocurrency market has experienced a significant downturn today, with major assets like Bitcoin, Ethereum, and Dogecoin witnessing notable declines.

Several factors have contributed to this market-wide decline:

1. Stronger-than-Expected U.S. Labor Market Data: Recent reports indicate robust job growth in the U.S., reducing the likelihood of imminent Federal Reserve interest rate cuts. Higher interest rates can diminish the appeal of risk-on assets like cryptocurrencies, leading to decreased investment inflows.

2. Increased U.S. Treasury Yields: The 10-year U.S. Treasury yield has risen to its highest closing level since April 2024, signaling tighter financial conditions. This development has negatively impacted both traditional and crypto markets, as investors reassess risk exposures.

3. Market Liquidations: The downturn has triggered substantial liquidations across crypto exchanges, with over $205 million worth of open futures contracts closed out within a short span. Such liquidations can exacerbate price declines, creating a cascading effect across the market.

4. Emerging Health Concerns: Fears surrounding the HMPV virus have introduced additional uncertainty, prompting investors to move away from volatile assets like cryptocurrencies.

These combined factors have led to a significant drop in the total cryptocurrency market capitalization, which has decreased by approximately 6.12% to $3.36 trillion. Investors are advised to exercise caution during this period of heightened volatility and to stay informed about ongoing economic developments that may further influence market dynamics.