The cryptocurrency market is experiencing a widespread price decline, with Bitcoin and several leading altcoins under pressure. Bitcoin (BTC) is currently trading at $93,692.56, down 1.36% in the last 24 hours. The leading digital asset briefly surged to a daily high of $95,110 but failed to maintain that level, crashing to $92,881 before bouncing back.

Despite the recent volatility, Bitcoin has shown significant growth this year, reaching all-time highs in March and December when it surpassed $100,000. This year, over 740 new ETFs have also been launched, with spot Bitcoin ETFs dominating the inflow of funds. BlackRock and Fidelity's spot BTC and ETH ETFs have recorded multi-billion dollar inflows.