Bitcoin (BTC) slid to $71,176, down 4.13 percent from the previous day. Ethereum (ETH) fell 5.66 percent to $2,200 and XRP dropped 3.51 percent to $1.46, with major altcoins broadly declining. Solana (SOL) fell 4.75 percent to $90.34 and BNB declined 2.75 percent to $652. Bitcoin's market share stood at 58.23 percent.

The decline is seen as the result of a combination of global macroeconomic anxiety and risk-off sentiment. As geopolitical tensions in the Middle East rise and uncertainty over the Federal Reserve's monetary policy persists, the cryptocurrency market as a risk asset is facing broad selling pressure.

In a report, CryptoQuant said institutional demand has noticeably weakened, pointing to U.S. spot ETFs that had steadily bought bitcoin last year shifting to net selling this year. CK Zheng (정), founder of ZX Squared Capital, said bitcoin prices are clearly in deep bear-market territory and warned of the possibility of an additional 30 percent drop in 2026, citing a war stemming from Iran and the four-year cycle.

Bitcoin is down about 44 percent so far after hitting an all-time high of around $126,000 on October last year. The market is focusing on the $71,300 level as a short-term resistance line and a key support zone.