Crypto Crash: Bitcoin and Ethereum Plummet to 10-Month Lows

Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have experienced a significant downturn in recent days, with their prices reaching their lowest levels in months. The crypto market has witnessed over $600 million in liquidations over the past 24 hours, contributing to the ongoing market pain.

Bitcoin, the leading cryptocurrency, dipped to a low of $83,724 on Wednesday, marking its lowest price since early November 2020. This decline represents a 3% decrease on the day and a 12% drop over the past week. At its current price, Bitcoin is down 23% from its peak of over $108,000, which was reached just over a month ago.

Ethereum, the second-largest cryptocurrency, has also experienced a significant decline, falling more than 4% on the day to reach a low of $2,275. This price point is the lowest for Ethereum since last September. The cryptocurrency remains down 53% from its all-time high price of $4,878, which was set in 2021.

The broader crypto market has seen a 4% decrease over the last day, following a challenging start to the week. Inflation fears, concerns over expanding tariffs, cooling momentum around meme coin trading, and last week's $1.4 billion hack of crypto exchange Bybit have all contributed to the market's downturn.

Over $613 million worth of futures bets have been liquidated in the past 24 hours, with Bitcoin leading the charge at $335 million worth of liquidations. Ethereum follows with $115 million worth of liquidations.