The crypto market faced a significant downturn, with major currencies like XRP, SOL, and DOGE experiencing over 10% drops.
Growing bearish sentiment on social media has contributed to the market’s instability.
The recent ByBit hack and fears of stagflation have further exacerbated the market’s short-term challenges.
Despite the current panic, some experts believe that the crypto market has made substantial progress over the past year and may recover in the long run.