Crypto Market Plunges as Bitcoin and Altcoins Experience Steep Declines

The cryptocurrency market experienced a significant sell-off, with Bitcoin dropping nearly 8% and other major cryptocurrencies like XRP, Litecoin, and Bitcoin Cash experiencing even greater declines. The total cryptocurrency market cap has decreased by approximately $60 billion in the past 24 hours. While the exact reasons for the drop are unclear, potential factors include concerns over China's economic outlook, low trading volumes, and regulatory actions. Despite the recent downturn, Bitcoin is still up over 56% year to date.