Baku: The cryptocurrency market saw a sharp decline, with Bitcoin leading the downturn amid a broader wave of risk-off sentiment in global financial markets.

According to Azeri-Press News Agency, as of 9:30 a.m. Baku time, the price of Bitcoin on the CoinMarketCap platform had dropped by 7.55%, falling to $77,170. This significant drop reflects the increasing volatility and investor uncertainty impacting digital assets.

Other major cryptocurrencies also suffered losses. Ethereum, the second-largest digital asset, fell by 14.32%, trading at $1,549. Among the top five cryptocurrencies, XRP plummeted 15.56%, while BNB dropped 7.29% in the past 24 hours. These declines highlight the broader impact on the cryptocurrency market.

The sharp decline comes amid increasing global market volatility and investor uncertainty following the U.S. announcement of new reciprocal tariffs. This development has affected both traditional and digital asset markets, contributing to the ongoing instability.

For reference, Bitcoin
reached its all-time high on December 16, 2024, surpassing $108,000, showcasing the fluctuations the cryptocurrency has experienced over time.