Baku:According to Azeri-Press news agency, the cryptocurrency market experienced a downturn in the past 24 hours, with most major assets seeing declines. Bitcoin's value dropped by 1.69%, reaching $84,122.74. Despite this short-term decrease, Bitcoin has shown a 0.95% increase over the past week and a 5.70% rise over the past month.

Ethereum's price fell by 3.49% to $2,608.05. Other cryptocurrencies followed suit, with BNB declining by 1.91% to $766.64, Zcash dropping 1.72% to $1,317.63, Monero losing 0.72%, Bittensor falling 3.21%, and Solana decreasing by 1.65%.

In contrast to the general market trend, PAX Gold (PAXG), which is backed by gold, increased by 0.32% to $4,148.09.

Analysts attribute the market decline to persistently high US Treasury yields, ongoing geopolitical tensions, and investor uncertainty regarding future US Federal Reserve interest rate policies. Additionally, Bitcoin's fall from $85,500 to below $84,000 led to the liquidation of over $400 million in long positions within an hour, which further intensified the selling pressure.