Cryptocurrency Market Cap Loses Over $100 Billion

Currently, the Bitcoin price stands at around $29,700, down 5% from the previous 24 hours. Many other large-cap cryptocurrencies such as Ethereum, XRP and Dogecoin also fell 5-10%.

According to experts, the downward momentum of the cryptocurrency market was driven by the sell-off of the stock market in recent sessions, reducing the attractiveness of risky assets. On July 19, the Dow Jones Industrial Average had its biggest drop since October last year.

At the same time, investors also expressed concern about the recent low Bitcoin price after authorities in many countries tightened crypto trading activities.

Since setting an all-time record of nearly $65,000 in mid-April, Bitcoin has lost more than 50% of its value.