The cryptocurrency market is experiencing high volatility. Recently, the market underwent a significant drop, with over $1 billion in crypto futures liquidations.
Bitcoin and Ethereum suffered the most, with Ethereum experiencing its steepest single-day decline since May 2021, while Bitcoin fell by more than 11% in 24 hours.
This sell-off was driven by a stronger Japanese yen and rumors that the major market maker Jump Trading is closing its crypto trading business.
Following this downturn, the market has started to recover. Bitcoin is currently trading around $58,110, and Ethereum has regained some ground.
Overall market sentiment remains cautious, as indicated by the fear and greed index showing "fear."
