Market Update July 5

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The cryptocurrency market is experiencing a significant downturn today, with major coins like Bitcoin and Ethereum suffering substantial losses. As of Friday, July 5, 2024, the global market cap has shrunk by over 8%, dropping below $2.1 trillion.

Bitcoin, the world’s leading cryptocurrency, is currently trading around $53,900, a decrease of over 6% in the past 24 hours. Ethereum, the second-largest coin, has fared even worse, plummeting nearly 10% to sit at $2,830.

The reasons behind the market-wide decline remain unclear, although Mt.Gox starting repayments to credits could have influenced the market.

While most major cryptocurrencies are in the red today, there are a few exceptions. Tether, a stablecoin pegged to the US dollar, has remained relatively flat, demonstrating its intended stability.