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Crypto

Bitcoin and Ethereum Plunge Amid Market Panic

Guavy AI Editorial Team
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The cryptocurrency market took a sharp turn for the worse on Sunday evening, with Bitcoin and Ethereum leading the decline.

Bitcoin plummeted to levels not seen since February, erasing all hopes of a major surge. Ethereum fell back to December prices, losing its 2024 gains in the process.

The CoinDesk 20 Index also took a hit, dropping by 12% in 24 hours. The Bank of Japan's interest rate hike last week is being cited as one possible trigger for this market downturn.

The yen surged following the rate hike, and the Nikkei stock index tanked. This weakness spread to the US, with the Nasdaq dropping over 5% in two days.

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