Crypto Market Plummets: Whale Move & Powell’s Speech Cause $3 Trillion Dip

The cryptocurrency market is experiencing a significant downturn today, with the total market capitalization dipping by over 3.1% to $3.8 trillion. The drop follows a surge in trading volume that indicates traders are actively moving their funds, fueled by volatility. Bitcoin and Ethereum, the two leading cryptocurrencies, are at the forefront of this sell-off, while altcoins like BNB, Solana, and XRP typically follow suit when these larger coins decline. 3.1% drop to $3.8 trillion is the biggest in a month.