Bitcoin and Ethereum plunge: BTC sheds 33%, ETH 36% in bear run — What’s driving the crypto sell-off?

Bitcoin hit an all-time record high of over 126,000 levels in October and has since been in a nearly two-month bear run, down 33%. The broader crypto market is also down below $3 trillion market capitalisation, and the second-largest token, Ethereum, is shedding 36% in the same period.

Riya Sehgal, Research Analyst at Delta Exchange, told Mint that the downturn followed a volatile weekend, during which over $500 million in liquidations occurred, leaving sentiment fragile and risk appetite subdued.