The cryptocurrency market recently experienced yet another sharp downturn, with all major altcoins trading in the red. 

Dogecoin (DOGE) and Shiba Inu (SHIB), the two leading meme cryptocurrencies, are among the biggest laggards in the top 20 alongside Bitcoin Cash (BCH). All of these coins are down more than 5% over the past 24 hours.  

Last week, Mt. Gox, the failed cryptocurrency exchange that declared bankruptcy following a devastating hack in 2014, started repaying victims in Bitcoin and Bitcoin Cash.  

The exchange, which was launched by Ripple co-founder Jed McCaleb all the way back in 2010, has emerged as the main bearish headwind for the battered crypto market. 

The market anticipates sustained selling pressure, which is why the largest cryptocurrency is in the red once again. 

On top of that, the cryptocurrency market has been hit by relentless selling of confiscated Bitcoin owned by the German government. 

The cryptocurrency market is not all doom and gloom despite increasingly bearish sentiment. According to Bloomberg, options market Deribit believes that the recent price correction is merely a bump in the road. The market consensus appears to be that the cryptocurrency will still be able to hit the much-coveted $100,000.  

Commodity trader Peter Brandt recently spotted a Bitcoin buy signal while predicting that the leading cryptocurrency could end up peaking in August 2025.

Caroline Mauron of Orbit Markets told Bloomberg that the upcoming inflation data will provide traders with clues about the Fed's future rate cut decisions. A looser monetary policy would likely push crypto prices higher. 

At press time, the largest cryptocurrency is trading at $55,589 after collapsing below the $54,000 level last week.