Crypto Market Drops 2.5% Amid Broader Weakness

The cryptocurrency market took a hit yesterday, dropping 2.5% to around $2.45 trillion in value. This wiped out more than $530 million in long bets, with over $630 million in leveraged cryptocurrency positions being liquidated.

Ethereum's price dropped by over 4% to around $1,880, while Bitcoin's price fell 2.7% to trade at around $63,400. Ripple's XRP and Solana's prices also shed more than 4% in the last 24 hours.

The decline was led by BMNR stock, which fell over 4% in pre-market trading after a strong gain of more than 13% in the previous session. Retail sentiment around the company remained bullish, with increased chatter on Stocktwits. Shares of CRCL, MSTR, and ASST also tumbled, falling more than 3% each.