Bitcoin and Ethereum experienced a dramatic sell-off on Thursday, with Bitcoin falling to its lowest level in 15 months. The cryptocurrency market has been in a sustained downturn for three consecutive sessions, with significant liquidations of leveraged positions. Analysts point to a period of 'full capitulation' and a shift from a short-term correction to a longer-term reset in the market. The sell-off is attributed to a combination of factors including forced deleveraging by investors, a lack of new capital inflows, and overall weak market sentiment. Stocks associated with cryptocurrencies also saw sharp declines.
Market Impact: Bitcoin (BTC) has fallen -8.30% since the last session close, and Ethereum (ETH) has dropped -9.33%.