Monday shock in the crypto market: Bitcoin, Ether, and Solana plummet

Significant declines were observed in the cryptocurrency market on Monday. According to Bloomberg, Bitcoin fell by 5.1 percent in Asian markets, dropping below the 87,000 dollar level. Ether retreated below 2,900 dollars with a decline of over 6 percent. Solana also followed a similar trend, losing more than 7 percent of its value, and many tokens were affected by this downturn.

Last October, Bitcoin had reached an all-time high of 126,251 dollars. However, the wave of selling that began shortly after this peak with the liquidation of approximately 19 billion dollars in leveraged positions caused the market to settle on fragile ground. Although Bitcoin lost 16.7 percent of its value in November, it had managed to climb above 90,000 dollars last week as selling pressure eased.

The new wave of selling on Monday has left investors worried about further declines. Sean McNulty, head of APAC derivatives trading at FalconX, stated, "We started December in risk-off mode. The biggest concern is the weak inflows into Bitcoin exchange-traded funds and the absence of dip-buying investors. We expect structural headwinds to continue this month. We are watching 80,000 dollars as the next critical support level for Bitcoin."

News Source: 12punto