⚠️ Alert: Significant Decline in Altcoins ⚠️

The cryptocurrency market is experiencing a notable downturn, with Bitcoin dropping below $58,000 and altcoins facing significant declines. Several factors are contributing to this bearish sentiment:

1. Mt. Gox Repayment:The impending repayment of $10 billion in BTC and BCH is causing panic selling.

2. Federal Reserve’s Hawkish Outlook:Recent speeches and minutes from the Fed indicate a likelihood of rate hikes, adding to market uncertainty.

3. Options Expiry:Over 17,500 BTC options are set to expire, with a put-call ratio suggesting bearish sentiment among traders.

Liquidations have reached $300 million, and the global crypto market cap has fallen to $2.15 trillion. Despite the current fear, some analysts suggest a market rebound is possible and advise against shorting Bitcoin and altcoins. The US dollar index and Treasury yields are also influencing the market, with potential rate cuts on the horizon. A recovery above $61,000 for Bitcoin is anticipated by the end of the week.

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