Over the past 24 hours, cryptocurrency markets have witnessed a notable decline, with the total market capitalization falling below $2.5 trillion, down 5% from the previous day. This is marked by declines across multiple sectors, including major cryptos such as Bitcoin, Ethereum, BNB, and Solana, as well as a generalized drop across the market.

Bitcoin, for example, saw its price plummet towards US$56,500. At the time of analysis, it was trading around US$57,200, reflecting a drop of more than 6% both in the last 24 hours and in the week.

“Since peaking on Monday, July 1, when it was quoted above $63,500, Bitcoin has been in a sharp downward trend. Bulls have failed to maintain buying pressure, allowing sellers to step in and push the price down to current levels,” illustrates the market situation.

Furthermore, the recent market pullback resulted in over $300 million in liquidated positions, with the majority being long positions, indicating a market under selling pressure.

The outlook is no different for altcoins, with the cryptocurrency heatmap turning red with no notable exceptions over the past 24 hours. Solana was one of the worst-hit, with its value dropping by around 8%. LINK and SHIB also followed suit, dropping by 9% respectively, while meme coin PEPE dropped by a whopping 11%.