#OnChainLendingSurge

Market Situation: Bitcoin and Altcoins Under Pressure!

Bitcoin (BTC) price has dropped below $93,000 twice in the past 12 hours, leading to a wave of losses in most altcoin prices.

Altcoins have been hit hard, with significant declines in the prices of all of the following cryptocurrencies:

DOGE, ADA, AVAX, LINK, and others.

Two days ago, Bitcoin price hit a new yearly high above $102,000, supported by ETF inflows.

But the US jobs report announcement led to a rapid decline below $97,000 on Tuesday, and the downward pressure continued on Wednesday, reaching $92,500.

Despite a slight rebound to $95,000, negative inflows from Bitcoin ETFs ($600 million) weighed on the momentum, leading to a fresh decline during the Asian session on Thursday.

Altcoins saw major declines, most notably ADA which lost 8.5% and fell below $1.

DOGE, AVAX, LINK, and XLM recorded losses of up to 7%, while AI16Z and WIF fell by 19% and 14% respectively.

The total market cap lost more than $350 billion in two days to reach $3.4 trillion.