Baku:Selling pressure in the cryptocurrency market has intensified, leading to a fall in the value of major digital assets. Notably, the price of Bitcoin has dropped below $76,000, marking a significant decline.

According to Azeri-Press news agency, data from the CoinMarketCap platform indicates that Bitcoin's price has decreased by 5.88% over the past 24 hours, settling at $75,589.04. Over the past seven days, Bitcoin has seen a decline of 3.23%, and over the past 30 days, the decrease amounts to 10.08%.

Other cryptocurrencies have also experienced declines. Ethereum's value fell by 7.79% to $2,228.18, while BNB saw a decrease of 3.01% to $691.98. Zcash and Monero have lost 2.56% and 2.83% of their value, respectively, with Zcash priced at $1,277.96 and Monero at $620.66. Bitcoin Cash declined by 2.51% to $274.73, and Bittensor dropped by 6.63% to $219.57. Quant experienced an 8.25% fall in value, bringing its price down to $189.46.

Gold-backed cryptocurrencies have not been immune to the market downturn. PAX Gold (PAXG) saw a 2.34% reduction to $4,030.70, while Tether Gold (XAUT) decreased by 2.18%, settling at $4,025.43. The overall CoinMarketCap 20 index fell by 6.04% over the past 24 hours, reaching 153.60 points. Meanwhile, Bitcoin's market capitalization has dropped to $1.52 trillion.

Analysts suggest that the sharp decline might be linked to investors distancing themselves from risky assets amid rising selling pressure. The failure to sustain price increases from the previous day indicates ongoing uncertainty in the market. The decline across both major cryptocurrencies and gold-backed digital assets highlights the widespread impact of the selling pressure across different segments of the market.