The cryptocurrency market witnessed a significant downturn over the past 24 hours, with Bitcoin’s value dropping by 5%, triggering a chain reaction of losses across the entire sector. The sell-off was fueled by large whales liquidating their holdings and heightened concerns arising from China’s firm stance on crypto regulation. In a stark reminder that crypto trading remains illegal within mainland China, the nation issued its most forceful statement yet against cryptocurrency, specifically targeting stablecoins as a potential systemic risk. 24-hour chart analysis reveals a dramatic shift in market sentiment with key insights into what drove this rapid decline.