Crypto Market Decline Deepens as Bitcoin Falls Near $77,000

The crypto market has continued its decline, with Bitcoin dropping to near $77,000 and total market capitalization falling by 1.55% to $2.62 trillion.

Rising oil prices, a stronger case for tighter monetary policy, and hot inflation data are putting pressure on risk assets, including cryptocurrencies.

Beyond the macroeconomic backdrop, crypto-specific factors such as Bitcoin ETF outflows and leveraged liquidations are also contributing to the decline. The total amount of leveraged positions liquidated has exceeded $386 million, with over $270 million in long positions being wiped out.