The cryptocurrency market is undergoing a major correction, with Bitcoin, Ethereum, and XRP experiencing sharp declines. Over the past 41 days, the market has lost more than $1.1 trillion, averaging $27 billion in daily losses. Analysts attribute the downturn to structural and psychological factors rather than weak fundamentals.

The cryptocurrency market experienced a significant pullback in the last 24 hours with overall market capitalization falling 2.76% to $3.75 trillion. Bitcoin declined 2.75% to $109,370, while XRP led losses among major altcoins with a 4.33% drop to $2.75. Technical indicators show the BTC RSI approaching oversold territory.