The total valuation of cryptocurrencies has dropped by approximately 3.65%, totaling $2.58 trillion as of April 16. This decline is attributed to several factors: a slump in the tech sector following new export restrictions on Nvidia by the Trump administration, reports that China is potentially selling off $16 billion in Bitcoin, significant liquidations in the futures market totaling $245 million, and deteriorating technical market indicators. China's potential liquidation of around 15,000 BTC to address economic issues has added to market fears. Concurrently, Bitcoin and Ether experienced significant long liquidations, leading to broader declines across the crypto sector. Technically, the market faces resistance levels that, if not successfully breached, could push values down towards $2.2 trillion, a critical support area. The ongoing performance trends signal a bearish market as cryptocurrencies exhibit strengthened correlation with the performance of traditional equity markets.

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