Crypto Market Loses $30B in Another Nightmare Day

The cryptocurrency market has plunged to its lowest point since November 2, 2017, reaching a total market capitalization of $189.7 billion on Tuesday morning. In the past 24 hours alone, the market capitalization has decreased by approximately $30 billion. Since the beginning of August, the crypto market has experienced a 31% decline, equating to around $90 billion in lost value.

Bitcoin dipped below $6,000 but did not surpass the year-to-date low set at the end of June, while altcoins have been particularly hard-hit.

The sharp downturn is largely attributed to significant sell-offs by speculators. This bearish trend was sparked by various factors.