Crypto Market Plunges: Bitcoin, Ethereum Prices Drop Sharply Amid Global Economic Uncertainty

The cryptocurrency market experienced a sharp decline on Sunday evening, with Bitcoin plummeting to levels not seen since February. The price of BTC dropped by 12% in 24 hours and is now down 20% week-over-week.

Ethereum also suffered significant losses, falling back to December prices and erasing all its 2024 gains. It's now 3% lower than on January 1st.

The Bank of Japan's interest rate hike last week may have triggered this market downturn. The yen surged, and the Nikkei stock index tanked by over 15% in three days.