Bitcoin (CRYPTO: BTC) has fallen below $79,000 on Monday, raising concerns among analysts who believe the downturn may not be over.
With XRP (CRYPTO: XRP), Ethereum (CRYPTO: ETH) and other altcoins also under pressure, experts suggest that market expectations have been reset, and further corrections remain a possibility.
What Happened: Bitcoin is currently trading at $78,650, down 4.5% in the past 24 hours, while Ethereum has dropped 4.7% to $1,925.
Among major altcoins, XRP and BNB (CRYPTO: BNB) have declined 2% each, Solana (CRYPTO: SOL) has fallen 6%, and Dogecoin (CRYPTO: DOGE) is down 5%.
The crypto market has seen $637.35 million in liquidations over the past day, with long positions accounting for $460.19 million, according to data from Coinglass.
The decline follows Bitcoin’s peak at $109,000 in January, marking a nearly 25% drop that has erased most of its previous gains.
What Experts Are Saying: According to James Toledano, Chief Operating Officer of Unity Wallet, the pullback is largely due to unrealistic expectations surrounding the strategic Bitcoin reserve.
“The biggest letdown has been the U.S. Bitcoin Strategic Reserve, which turned out to be nothing more than a repackaging of seized FBI assets—around 200,000 BTC, just 1% of Bitcoin’s market cap—placed …
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