The cryptocurrency market saw a significant downturn on October 7, losing approximately $60 billion in value within just one hour. The global market capitalization fell from $4.30 trillion at 3:00 p.m. UTC to $4.24 trillion by 4:00 p.m. UTC. Bitcoin was at the forefront of this decline, dropping from $125,000 to $122,997, which resulted in a $40 billion reduction in its market cap. While most of the top 10 cryptocurrencies mirrored Bitcoin's downward trend, BNB stood out by gaining 7% over the past 24 hours.