Cryptocurrency Market Plunges Over 4% Amid Institutional Sell-Offs and US Tensions

The cryptocurrency market has been hit with a significant decline, with the global market capitalization dropping over 4% to IDR 37.45 quadrillion in a short period of time.

This sharp drop is attributed to a combination of factors, including large institutional sell-offs and US political tensions.

The decision by Bitdeer to deplete its reserves has sent a negative signal to the market, causing investors to doubt the near-term upside potential of prices.

In addition, Ethereum founder Vitalik Buterin has been observed selling his personal asset holdings, with recent sales reaching 7,000 units worth IDR260.32 billion.