The crypto market lost $70 billion in 2 days

Over the past few days, the total cryptocurrency market capitalization has plummeted by more than $70 billion, falling below the $1.4 trillion mark. During this time, Bitcoin remains relatively stable, standing out among many altcoins that are experiencing significant losses.

Avalanche is especially notable, showing a huge 12% dump, followed by APT, LDO, FIL, NEAR, OP and others.

Many altcoins that recently reached impressive peaks are now facing severe price declines, leaving traces of red on most charts.

News that BlackRock had filed to create an Ethereum-based spot ETF initially pushed Ethereum to $2,100. However, within minutes, the second largest cryptocurrency rapidly lost its value and is currently trading at $200 below its local high.

Over the past 24 hours, Binance Coin, Tron, Ripple, Bitcoin Cash, Shiba Inu, Litecoin and Toncoin have also declined by approximately 2-3%.

Particularly noticeable losses were seen in Solana, Cardano, Chainlink, MATIC and DOT, where the decline reached 8%. Avalanche is the top loser, losing 12% of its value and approaching the $20 mark.

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