The cryptocurrency market has experienced a significant decline with a total market capitalization dropping to approximately $2.35 trillion. Major altcoins, Cardano (ADA) and Solana (SOL), have suffered considerable losses, with ADA losing about 4.46% and SOL dropping by almost 6%.

Bitcoin, although performing slightly better, seems to be the main catalyst for the market downtrend, currently trading at around $61,300. Market speculations suggest that sellers are ready to test the pivotal $60K level.

This downward movement is potentially due to the recent announcement that the Mt. Gox trustee might commence Bitcoin and Bitcoin Cash repayments as early as July 2024. Despite the current market downturn, the long-term outlook for the cryptocurrency market remains optimistic, with many investors and experts still bullish on the future of DeFi and BRC 20 tokens.