The cryptocurrency market experienced a sharp downturn today with Bitcoin falling below the $87,000 mark. This significant decline has triggered a cascade of losses across other major cryptocurrencies like Ethereum, Solana and Ripple’s XRP, with many facing substantial drops in value. Bitcoin’s price dropped to a low of $86,887 on Thursday, the lowest point since mid-November. This downturn is attributed to several factors including a recent security breach at a major crypto exchange, significant outflows from US Bitcoin ETFs, and broader market sentiment shifts. The Crypto Fear & Greed Index has plummeted to 25, indicating extreme fear among investors, marking one of the largest drops in sentiment since September. Liquidations for both Ethereum and Bitcoin have surged to over $1.48 billion over the past 24 hours alone. The broader crypto market has witnessed a decline of more than 10% over the past day with some leading coins experiencing even larger losses. Ripple’s XRP, for instance, experienced a substantial fall of 15.6% over the last day and a staggering 19.7% on the week. This widespread sell-off reflects a bearish shift in investor sentiment compounded by external economic factors like strengthening major currencies that have triggered risk-averse actions across global markets.