After enjoying a remarkable bull run in recent weeks that saw the crypto sector’s market capitalization surpass $1 trillion, many cryptocurrencies have since pulled back. This has resulted in the crypto market plummeting by nearly $170 billion in the last 24 hours as leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) tumbled by 13% and 16%, respectively.
A sell-off was inevitable
Bitcoin has been witnessing wild price swings, which made it breach the $40,000 level for the first time in its twelve-year history. Nevertheless, a looming correction was imminent as its price has retracted to $33,514 at press time, according to