Crypto Market Value Plummets as Bitcoin Falls and Apple Faces Lawsuit

Bitcoin's rally on Monday failed to sustain itself and fell back to $63,000, wiping out $80 billion from the crypto market in just a day. Ethereum also declined, dropping below $1,900. In a separate development, three users filed a complaint against Apple for allegedly losing about $1.835 million due to fake Sparrow Wallet apps linked to Bitcoin thefts.

The price of Bitcoin had surged earlier in the week, rising from $63,750 to a monthly peak of $67,000 within 36 hours on Monday. However, the rally was short-lived as sellers pushed the asset down nearly $3,000 within hours, touching $63,000 for the first time in 10 days.

The total crypto market value declined from $2.330 trillion to $2.250 trillion in one day, a loss of about $80 billion. Ethereum dropped by around $100 after reaching a two-month high of $1,980, while several major altcoins recorded steeper losses.

The lawsuit against Apple claims that fake Sparrow Wallet apps linked to Bitcoin thefts were available on the App Store. The users allege that they downloaded these apps and lost significant amounts of Bitcoin due to entering their recovery phrases into malicious software.