What is the Cause of the Significant Drop in Prominent Cryptocurrencies

In the current landscape of the cryptocurrency market, a noticeable downturn is evident, as major alternative coins are experiencing significant declines. The overall value of the global crypto market has decreased by 3.38%, amounting to $2.27 trillion. This decline is primarily attributed to Bitcoin’s descent below the $62,500 range, currently settling at a meager $62,299. It is worth noting that this represents a substantial 15% decrease from its record-breaking peak of $73,750, which was achieved just three months ago. Ethereum (ETH), the second-largest digital currency, has also embarked on a similar downward path.