The total cryptocurrency market capitalization declined to around $2.35 trillion today, shedding around $100 billion overnight as prices continue to tumble.

Altcoins are charting considerable losses with Cardano (ADA) and Solana (SOL) feeling the pressure.

Cardano (ADA) and Solana (SOL) Prices Tumble

Altcoins have declined massively in the past 24 hours with the entirety of the cryptocurrency market trading well in the red.

As seen in the heatmap below, SOL crashed by almost 6%, while ADA lost about 4.46%.

Source: Quantify Crypto With Solana dropping below $130, many are now wondering if the bears will target the coveted $100 level next. ADA, on the other hand, continues its depressing performance with imminent support currently positioned at around $0.35.

BTC Bears Target $60K

Bitcoins price is performing slightly better than Cardano and Solana but it seems to be the main catalyst for the market downtrend.

BTC is currently trading at around $61,300, down 4.4% on the day. Sellers are seemingly ready to test the pivotal level at $60K.

The reason behind this movement could be a recent announcement that the Mt. Gox trustee might start Bitcoin and Bitcoin Cash repayments as early as this July. According to a note issued by the exchange:

Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cas in due course to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information for implementing the repayments. The repayments will be made from the beginning of July 2024.