The Crypto market is witnessing a massive crash across the board with panic prevailing.

At 6:00 a.m. on September 26 (Vietnam time), Bitcoin (BTC), the leading currency on the market, fell to the price range of 108 USDT and then recovered to 109 USDT.

The sharp sell-off sent Bitcoin prices plummeting.

Bitcoin price has been on a downward trend since mid-August after hitting an all-time high of 124,000 USDT.

Other leading coins such as ETH, SOL, XRP are also on a sharp decline. ETH is currently trading at 3,888 USDT – down from 4,900 USDT at the end of August. SOL is also sliding to 194 USDT – down sharply from the peak of 250 USDT not long ago. XRP is in a similar situation and is currently trading around 2,750 USDT…

According to market data from cryptocurrency exchange OKX, the market capitalization is currently at $3.83 trillion – down sharply from $4.20 trillion on September 18.

The decline of major coins has led to a widespread decline across the market, widespread sell-offs and panic causing many coins to plummet by dozens of percent.

Typically, AVNT, OG, SIGN, HEMI decreased by more than 20%, other coins such as VANA, FXS or CHESS decreased by more than 17%…

According to investors, this crash in the cryptocurrency market is due to profit-taking and manipulation by wallets holding large coin values.

Bitcoin trading data on Binance exchange shows that the largest wallet has dumped up to 268,000 BTC, leading to a sudden increase in supply in the market, thereby causing BTC price to plummet.

Profit-taking action also appeared in many other major coins such as BNB, SOL or ETH…

In addition to the reason for the sharks’ sell-off, investors believe that part of the reason comes from the Fed Chairman’s statement about cutting interest rates in September.

The Fed Chairman said that the interest rate cut was merely a technical measure, it did not come from the reality of the improving US economy. This was contrary to the expectations of global investors, causing the financial market in general and cryptocurrency in particular to plunge into recession.