Crypto Market Plunges: Bitcoin & Altcoins Crumble Amid Global Risk-Off

The cryptocurrency market experienced a sharp downturn this week, with many leading assets plummeting along with global equities. Concerns surrounding rising interest rates and inflation, coupled with uncertainty in the broader macroeconomic environment, have triggered a widespread sell-off in risk assets. Bitcoin (BTC), Ethereum (ETH), XRP, BNB, Solana (SOL), Cardano (ADA) and other cryptocurrencies all experienced significant drops, reflecting the interconnectedness of the market to traditional financial instruments.