The crypto market went through a volatile weekend that ended with the crypto market dropping below the $1 trillion level, estimated at the time of writing this article at $927 billion, according to the website. coinmarketcap.

The price of Bitcoin fell by 12.46% in the last 24 hours, followed by most of the alternative digital currencies, as the crypto market was affected as a whole by these declines.

Ethereum saw 14% losses, Ripple 12%, Litecoin 18%, and EOS fell 20%.

With the declines in large cryptocurrencies in terms of total market capitalization, the trading volume of stablecoins has increased, led by Tether, followed by USDC and DAI.

Read:US Treasury Secretary sets meeting date to discuss stablecoins

The bitcoin drop is then interpreted as a possible sign that bitcoin has reached its peak, causing a cascading effect among small traders.

However, when looking at technical indicators, opinions differ between those who see that Bitcoin has had enough of the rise and that it has entered a phase of correction whose end is unknown, and some of them see that it is just taking a breath to achieve more peaks and record levels.

Reasons for the decline in the crypto market:

As we mentioned at the beginning of the article, the total market value of the crypto market has fallen below the $1 trillion level.

The “Sunday Times” newspaper suggests that the recent downturn in the market was due to the World Bank “HSBC” preventing cryptocurrency traders from depositing their money in accounts registered with the bank.

Which is a reminder that the crypto market is still not fully accepted and adopted by institutions and that it still has a long way to go.

On the other hand be seen Matt Mali, chief market strategist at Miller Tabak + Co, said that the decline of Bitcoin and the crypto market in general is due to investors’ fear of a violent correction, which stock investors are also awaiting. He stated:

Read:The founder of Binance is optimistic about the future of cryptocurrency

On Wall Street, after the record highs of the S&P 500 index last Friday, the bullish optimism mood turned to caution.

After being optimistic for several months, we have definitely become more cautious at these levels.

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The EOS cryptocurrency fell by 28% after the announcement of the resignation of the project’s technical director

How bad is the bitcoin liquidity crisis? And how far has the decline of Bitcoin reached in the trading platforms?