The crypto world is in a bearish momentum as the market lost $325 billion in value since last Friday and a possibility of more to come but nobody is certain about that. This massive drop comes as investors rush to sell off their holdings, causing prices to plummet across the board. The Kobeissi Letter, a well-known market analysis source, reported this sharp decline, noting that the crypto market has been under intense selling pressure. Now the resounding question in the minds of many is what is the cause of this bearish market when we were all prepping the bull run as we anticipated with the election of a new US President that supports the adoption of cryptocurrency.
What’s Happening in the Crypto Market?
325 billion dollars in just a few days is huge and alarming. In my perspective, that is enough money to start a small country if possible. At first, 100 billion vanished in a single hour, and even though there was no major news to explain the sudden drop, it still happened and it felt like a movie trick was being aired with the Japanese candlesticks as the lead actors. Over the past 24 hours, around $150 billion worth of crypto assets were liquidated, meaning many investors were forced to sell their holdings as prices fell drastically.
Even meme coins, which are often seen as fun or speculative investments, weren’t spared, they took a major blow in their price. Analysts say the decline in Solana, a popular blockchain platform, played a big role in this. Solana’s value dropped by 22% since Friday, dragging down meme coins that rely on its network. Earlier, Solana had been performing well during the memecoin craze, but as interest faded, so did its value.
screenshot from XSam Bankman-Fried even took the street with his tweets 
how did he tweet from prison?
What Does This Mean for Crypto?
In summary, the crypto market is facing a tough period, with billions of dollars lost, confidence shaken by hacks, and big players like Citadel Securities stepping in. As the dust settles, investors are left wondering what’s next for the world of digital assets.
Detailed information gotten from FXStreet
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