Crypto Market Sees Red: Altcoins Drop as Bitcoin Holds $95K

It’s a bit of a downturn in the crypto world today, folks. Across the board, we’re seeing digital asset prices dip, with the average down by more than 2% over the last 24 hours. Interestingly, Bitcoin is managing to hold its ground around the $95,000 mark, but unfortunately, many of the altcoins are feeling the pressure with some pretty significant drops. Check out the top five coins that have taken the biggest hit today:

• Raydium (RAY): -25%
• Hyperliquid (HYPE): -10%
• Ethena (ENA): -9%
• Pyth Network (PYTH): -8%
• Optimism (OP): -7%

This sudden dip in altcoin values has got investors scratching their heads, trying to figure out what’s causing this latest wobble in the market.

Why Are Cryptos Crashing?

So, what’s behind this crypto slide? A few key things seem to be playing a role in the current market dip:

SEC ETF Delays

All eyes are on the U.S. Securities and Exchange Commission (SEC) right now, as everyone waits for their decision on those new crypto ETFs. The fact that we’re still waiting on approvals is creating some uncertainty in the market. This lack of a green light seems to be making people a bit hesitant, leading to a slowdown in buying and fresh investments.

Profit-Taking from the Recent Bull Market

Let’s not forget, we’ve had a pretty good run recently! Many investors are likely taking this opportunity to cash in on the profits they’ve made during the recent bullish phase. This natural profit-taking can trigger sell-offs, which in turn, push prices downwards.

Bybit Hack Shakes Confidence

And adding to the mix, the recent $1.4 billion hack on Bybit has definitely rattled some cages. Major exchange breaches like this always raise red flags about security within the crypto space. These kinds of events can often spark panic selling as traders get worried about the security of their digital assets.

BTC/USDT 1-day chart – Bitget

So, even though Bitcoin is showing resilience around $95K, the overall feeling in the market seems a bit shaky. The big question now is whether this is just a temporary dip, a healthy correction, or if it’s the start of something bigger. Investors will be keeping a close watch on any news around SEC ETF approvals and how the crypto world responds to the Bybit hack, as these factors will likely give us a better idea of where the market is heading next.