Bitcoin's price dipped below $50,000 for the first time since February, reaching a low of $49,351 before bouncing back to around $51,000.
The cryptocurrency market faced a substantial decline, with over $600 million in leveraged positions liquidated and the total market capitalization falling from $2.16 trillion to $1.76 trillion.
Ether experienced a steep drop, losing nearly 20% of its value in two hours, contributing to the largest three-day crypto wipeout in a year.
The #cryptocurrency market is undergoing significant losses due to a combination of global equity selloffs, the unwinding of yen-dollar carry trades following Japan's interest rate hike, and over $1 billion in #crypto liquidations.
#Bitcoin and #Ether are at the forefront of the decline, with bearish sentiment prevailing in futures markets.
The overall market capitalization has dropped to its lowest point in six months, suggesting a potential further decline.
