Why is Crypto Down Today? Here’s What Happened
TLDR
- Crypto market dropped $133 billion to $3.98 trillion market cap following unexpected inflation data
- Bitcoin fell from record highs above $124,000 to around $118,800, triggering over $1 billion in liquidations
- Analysts view the pullback as healthy profit-taking rather than a trend reversal
- Rising core inflation and stretched valuations pose near-term risks but institutional demand remains strong
- TeraWulf secured $3.7 billion AI data center deal while Coinbase completed Deribit acquisition
The cryptocurrency market experienced a sharp decline on Thursday after unexpected inflation data spooked investors and triggered the largest liquidation event since early August. The total crypto market cap fell by $133 billion to…
