Meanwhile, political unrest in the UK is undermining investor confidence, triggering widespread sell-offs. Coupled with concerns over stricter regulatory measures, these events are heightening market uncertainty, prompting a retreat among investors.

In the cryptocurrency market, the past week has seen a sharp decline, with investors growing increasingly nervous about the future. Rising global inflation and central banks hiking interest rates have created a challenging environment for high-risk assets like cryptocurrencies, leading investors to adopt more cautious strategies and favor safer alternatives.

This shift has heightened market volatility, leaving many to question whether a recovery is imminent. From a technical standpoint, several major cryptocurrencies have fallen below crucial support levels, exacerbating the market's decline.