The cryptocurrency market is currently experiencing a significant decline. This downturn is primarily attributed to the U.S. Securities and Exchange Commission’s decision to delay its ruling on Bitcoin exchange-traded funds, creating uncertainty among investors.

Compounding this situation is the upcoming implementation of the Markets in Crypto-Assets regulation in the European Union, which will introduce new compliance requirements for crypto companies. Additionally, large investors, often referred to as “whales,” are either taking profits or reducing their holdings, further impacting market dynamics.

In the past 24 hours, the total liquidation volume in the crypto market has surpassed $590 million, contributing to the downward pressure on prices. Analysts suggest that the market may experience sideways movement in the coming weeks, with the potential for further corrections. Investors are advised to remain patient during this volatile phase, as historical trends indicate that significant dips can present buying opportunities for those with a long-term belief in the cryptocurrency market.

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