The recent market decline appears to be driven by two major factors.
The first reason is the rising tension between the United States and Iran, which is increasing fear and uncertainty among investors. Instead of easing, the conflict between the two countries seems to be escalating, negatively impacting global financial and crypto markets.
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The second reason is the news surrounding the THORChain hack, where reports revealed that nearly $10.7 million in funds were stolen. This incident has weakened investor confidence, especially in DeFi and cross-chain projects, adding further pressure to the market.