The crypto market is currently experiencing a significant downturn, with Bitcoin trading below $88,000, marking a three-month low. The CoinDesk 20 Index has also seen a sharp decline, dropping over 10% in the last 24 hours. Several factors contribute to this market slump, including a risk-off sentiment in traditional markets and the influence of memecoins like TRUMP and LIBRA. The recent Bybit exchange hack, which leaked 401,000 ETH, has further dampened market sentiment. Additionally, concerns about the U.S. economy, with the Services PMI hitting a 22-month low, are reducing demand for riskier assets. Technical analysis suggests Bitcoin could fall to $70,000, though the maximum open interest in BTC put options at $80,000 might provide some support. Upcoming events like Nvidia’s earnings and core PCE inflation data could influence market recovery.
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