The cryptocurrency market has taken a downturn, with Bitcoin falling below $65,000 and the total market capitalization of the entire cryptocurrency space tumbling by 2.5%. This comes as the Federal Reserve's increasingly hawkish stance has led to a decrease in institutional investors' confidence in the markets. The recently launched zkSync token was the biggest loser in the top 100 coins by market capitalization, falling by 26% in the past 24 hours. Despite this, some experts believe that the current bearish sentiment may be short-lived, as global central banks have already initiated rate cuts, suggesting a shift towards monetary easing. However, Bitcoin miners are still selling their coin reserves, and the potential for Mt. Gox creditors to be repaid could flood the market with 137,980 BTC, worth approximately $9.04 billion.

The article also mentions that XRP and Ondo were the only coins in the top 100 that bucked the trend and registered an increase, and that institutional investors were net sellers across institutional crypto products, with Bitcoin ETFs witnessing net outflows of $621 million. The article concludes by noting that the crypto market is experiencing a period of uncertainty and volatility, but some experts believe that the current downtrend may not last long.