In just the past hour, the crypto market lost nearly $90.3 billion in value, with the total market cap falling 3.37% to around $2.59 trillion. Bitcoin, the world’s largest cryptocurrency, dropped to nearly $77,678, while Ethereum, XRP, Solana, and Dogecoin also saw sharp losses between 3.5% and 6%.

The sudden sell-off has shaken the overall crypto market and pushed investors into panic mode.

Bitcoin Is Trading Like a Leveraged Stock Market Bet

The recent crypto sell-off was driven more by macroeconomic pressure than by problems inside the crypto market itself. Bitcoin has recently been moving closely alongside the iShares Russell 2000 ETF (IWM), which tracks small-cap U.S. stocks that are highly sensitive to interest rate expectations.