Key Reasons Why Cryptocurrency Market Lost $200 Billion in 24 Hours

Key Points

1. The cryptocurrency market lost over $200 billion in market capitalization in a 24-hour period, indicating a widespread correction.

2. Bitcoin fell to about $118,300, failing to maintain above $120,000, but remains above the 50-day EMA support level at $110,000.

3. Ethereum (ETH) showed strong underlying accumulation despite short-term selling, with recent large whale wallet inflows.

4. The total cryptocurrency market value dropped to $3.84 trillion, with ETF net flows experiencing a sharp decline.

5. Bitcoin's dominance stands at 61.2%, while the Altcoin Season Index remains at 36, below the level indicating altcoin supremacy.