Cryptocurrency total market value evaporated more than 1 trillion US dollars, with Bitcoin hitting a 7-month low.

The cryptocurrency market entered a new phase of turbulence on Wednesday, with Bitcoin falling to a seven-month low, leading to a total market capitalization evaporation of over $1 trillion. Bitcoin dropped to $88,522 during the New York trading session, and the latest round of plunges affected various types of investors, from retail "bottom fishers" to digital asset financial companies. Later on Wednesday, Nvidia released a strong revenue outlook, alleviating concerns in the market that the global AI spending boom might cool down. Token prices rebounded from their lows. The next psychological support levels are around $85,000 and $80,000. The total market capitalization of cryptocurrencies peaked at around $4.3 trillion on October 6, but is currently hovering around $3.2 trillion.