The crypto market started the week with losses, continuing the sell-off from Sunday. XRP, Solana, and Cardano faced selling pressure.
Current Crypto Market Overview
At the start of Monday's trading session, the crypto market saw further selling pressure. According to CoinGlass data, $249 million in liquidations occurred over the past 24 hours. Bitcoin decreased by 0.6%, while altcoins suffered more significant declines.
Factors Contributing to the Decline
A hack on Bybit and unexpected Michigan consumer sentiment data negatively impacted the market. The Bybit attack resulted in $1.4 billion Ethereum theft, prompting a selling wave.
Altcoins Under Pressure
Altcoins experienced more severe losses. XRP fell by 4.1%, Solana dropped by 8.11%, and Cardano declined by 5.89% over this period. Assets like Raydium were particularly hard-hit, dropping over 31%.
The crypto market's downturn reflects ongoing bearish sentiment among traders who continue to take profits. External factors and internal issues at platforms exacerbate market conditions.
