Crypto Market Experiences Major Downturn

The cryptocurrency market has experienced a significant decline in value, impacting the decentralized finance (DeFi) sector significantly. Total value locked (TVL), which reflects DeFi activity, has dropped by over 30% over the past four months, currently hovering around $94.5 billion. This marks a sharp contrast to the peak of $137 billion observed in mid-December. A temporary low of $88 billion was also seen in March, echoing the broader decline across the cryptocurrency sector.