Crypto Market Correction: Oil Prices, Inflation Concerns Send Bitcoin Plummeting

The cryptocurrency market is experiencing another wave of selling pressure, with Bitcoin plummeting to around $77,225 after failing to sustain its recent recovery. The price drop comes as investors grow more cautious across global financial markets.

The broader crypto market shows clear signs of weakness, with total market capitalization down about 1.55% over the past 24 hours to $2.62 trillion. Trading activity has picked up, with the 24-hour volume at roughly $84.3 billion, up about 3.1%. Bitcoin remains the market's anchor, with a dominance of 59%, but it is also under pressure.

The decline in the crypto market can be attributed to several factors, including rising oil prices, inflation concerns, and changing FED expectations. The probability of a 25-basis-point FED rate hike next week has risen to around 71%. US Treasury yields have surged as investors reassess the outlook for inflation and interest rates.