Market Decline Factors There are several reasons why the cryptocurrency market is going down. Even though the stock market in the United States has been struggling to stay up, it's not the only factor affecting the crypto market. Here are some of the main reasons:

Chinese economic data Rising bond yields Rising valuations These factors have created a lot of uncertainty, making people unsure about investing in cryptocurrencies.

Binance's Decision Interestingly, the recent drop in the market happened right after Binance, a popular cryptocurrency platform, decided to stop its buying and selling service called Binance Connect. They made this decision to focus on their main products and long-term goals. But this move had a bigger impact than they expected.

The Ripple Effect Even though Binance Connect only covers 50 cryptocurrencies, its decision caused a chain reaction in the market. Many people started selling their cryptocurrencies, which led to a massive sell-off worth $129 million in just one day. Around 63,000 traders quickly got rid of their holdings.

Notable Sales One sale that caught people's attention was an Ethereum (ETH) order worth $2.34 million. Other cryptocurrencies like Dogecoin, Litecoin, XRP, Solana, and Shiba Inu also experienced significant drops in their prices over the past 24 hours.