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The digital currency market suffered a sharp decline within hours, causing the total market value of approximately $140 billion to exit and fall to approximately $3.02 trillion, the lowest level in three weeks.
Bitcoin led the decline after breaking support at $90,000 before quickly falling back to around $85,200 before finally dipping below $88,000 at the time of publication.
Analysts vary in their explanations for the decline. Some blame China for tightening restrictions on Bitcoin mining, while others blame the derivatives market, especially a sharp increase in open interest and short positions, exacerbating the downward pressure.
The data also showed high liquidity in sales contracts at nearly $85,000, exacerbating the decline.
However, following confirmation that legislation regulating the digital currency market in the United States will be delayed until 2026, the most important factors appear to be politics and regulation.
The delay disappointed investors and added to uncertainty in the market, triggering a wave of fast and furious selling.
Also read:
UK prepares to implement comprehensive regulation of digital assets from October 2027
A Vanguard official said: Bitcoin is similar to the game Labubu
