The cryptocurrency market took a hit today, with the total market capitalization dropping by over 4.30% to about $2.50 trillion on June 18. This plunge has left many investors scratching their heads, trying to understand the core catalysts behind this downturn and whether a recovery is on the horizon.

Today's crypto market decline is part of a correction that started over the weekend when Minneapolis Federal Reserve chief Neel Kashkari made a "reasonable prediction" about only one rate cut in 2024.