Crypto Market Drops 2.3% Amid Oil Price Surge, Liquidations, and iOS Hackers

The crypto market is experiencing a downturn, with several factors contributing to the decline. The global crypto cap has dropped by 2.3% in 24 hours, according to CoinGecko, which puts it at $2.81 trillion.

Bitcoin's price has fallen by 1%, trading at $80,495.07, while Ethereum and XRP have experienced larger drops of 1.9% and 2% respectively.

The rise in oil prices above $100 a barrel is one of the key factors behind the decline, as it can lead to higher inflation and increased interest rates, making riskier assets like crypto less attractive.

Additionally, liquidations have reached $239.79 million, with 101,171 traders being forced to close their leveraged trades, causing further downward pressure on prices.