Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin have experienced significant declines, leading to $1 billion in liquidations over the past 24 hours. The global market capitalization for the cryptocurrency market fell 6.03% to $1.07 trillion. The decline was triggered by concerns over interest rates, weakening foreign currencies, unease in the Chinese economy, and soaring bond yields. Analysts predict further bearish momentum for Bitcoin, potentially targeting the $27,200 level.