Traders are taking profits following recent record highs, fueled by macroeconomic concerns and high leverage. Bitcoin's fall below key trendlines has sparked fears of a deeper correction, potentially reaching $100,000. The broader crypto market capitalization has also fallen, adding to anxieties.
Ether's drop is mirroring Bitcoin's, while other major cryptocurrencies like Cardano and Dogecoin have also suffered significant losses. Inflation data and the anticipation of the Fed's policy stance at Jackson Hole are contributing factors to the market's sour mood.
While institutional investment continues, the high level of leverage in derivatives markets raises concerns about increased volatility.
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