Crypto Market Faces Uncertainty Amidst Global Economic Concerns

The cryptocurrency market is experiencing a mixed bag of emotions as it struggles to maintain momentum. With cautious sentiment on Wall Street and ongoing uncertainty across global markets, investors are growing increasingly apprehensive about their investments.

Bitcoin has taken the biggest hit, losing over 2% in value, while other cryptocurrencies are not far behind. The broader crypto market is facing a serious challenge in terms of attracting capital inflows and investor engagement, which could potentially lead to further declines.

A closer look at on-chain data reveals that the supply of the USDT stablecoin has fallen by over $3 billion over the past two months. This echoes the bear market pattern seen in 2022, where a similar decline led to significant price corrections.