The crypto market cap dropped over 3% to $3.52 trillion, with a 25% decline in trading volumes.
Bitcoin fell 3% to $102,467, and Ethereum dropped 3% to $3,220.
$250 million worth of crypto liquidations occurred, with $153 million happening in 12 hours.
Market sentiment turned bearish due to factors like the Bank of Japan's interest rate hike, the U.S. SEC's Crypto Task Force, the Federal Reserve's upcoming policy meeting, and Bitcoin and Ethereum options expirations.