Crypto Market Plunges Amid Renewed Sell-Off
Cryptocurrencies experienced a sharp decline on Monday, reigniting a broad sell-off that had appeared to stabilise recently. Bitcoin fell by as much as 4.3 per cent to below $US88,000 in early Asian trading hours. Ether also suffered a significant drop, plummeting 6 per cent to trade below $US2900, based on data compiled by Bloomberg.
The cryptocurrency market remains volatile following a weeks-long sell-off triggered by the liquidation of approximately $US19 billion in leveraged positions in early October. This occurred shortly after Bitcoin reached a record high of $US126,251. The market briefly recovered last week, with Bitcoin climbing back above $US90,000, offering a temporary respite from the downward pressure.
However, the…
