The cryptocurrency market crash shows no signs of stopping, with over $120 billion in market value lost in one week. Over the past 24 hours, another $1 billion worth of Bitcoin, ETH, XRP, SOL and other major altcoins were liquidated.
BTC price fell below $73,000 and Ethereum price fell 5% to below $2,000 amid macro, technical, and geopolitical factors. The Cryptocurrency Fear and Greed Index stands at 22 (extreme fear) today, sliding further into extreme fear since CoinGape warned about it. Bitcoin price may fall below that $75,000.
Meanwhile, leading altcoins XRP, BNB, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Hyperliquid (HYPE), and Zcash (ZEC) fell by more than 3-7%. AI coins lead crypto liquidation, with RENDER, VIRTUAL and WLD down 10-13%.
Cryptocurrency market collapses amid massive liquidations of Bitcoin, Ethereum, Sol, and Ripple
The cryptocurrency market saw another $1 billion worth of liquidations across Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and other major altcoins, Coinglass data showed. Over 165,000 traders were liquidated, with the largest single liquidation order for BTCUSD worth $15.34 million occurring on Hyperliquid.
The price of BTC fell to a low of $72,745, as investors liquidated $365 million of BTC holdings over the past 24 hours. Notably, nearly $340 million worth of long positions were liquidated, sending the price down to a 24-hour low of $72,745.
The cryptocurrency market saw nearly $930 and the liquidation of short positions worth $69 million. Notably, $345 million in cryptocurrency liquidations occurred in just one hour when Iran responded US strikes on Iranian missile launch sites. It is worth noting that the United States launched new strikes against Iran after it launched drones at ships in the Strait of Hormuz.
Bitcoin, ETH, SOL, XRP, ZEC, XAU, ZEC, HYPE, SUI, DOGE, WLD, ADA, and BNB are among the most liquid crypto assets in today’s crypto market crash. Ethereum price fell to an intraday low of $1,968 and XRP price fell more than 4% to $1.28.
Growing headwinds for Bitcoin, ETH, XRP and other altcoins
CoinGape has repeatedly warned of the upcoming cryptocurrency market crash. Cryptocurrency selling deepened Amid growing headwinds such as overall risk-off sentiment, Bitcoin and Ethereum ETF outflows, HTX sanctions, and technical weakness.
10-year US Treasury bond yield (US10YThe index rose above 4.45% on Thursday, reversing a five-session decline due to a new escalation of the war between the United States and Iran. This has dampened hopes for a peace deal in the near term, raising inflation and the Fed’s concerns about interest rates. Also, the US dollar index (Dixie) rose above 99.5 today.
Spot Bitcoin ETFs saw their eighth consecutive outflow, with a total outflow of $733.4 million on Wednesday. BlackRock Bitcoin ETF (IBIT) saw recoveries worth $527.8 million. On the other hand, Ethereum ETFs recorded $67.1 million in total outflows.
Cryptocurrency market crash widens amid technical chart weakness. BTC formed a bearish outside bar pattern on the daily chart 1 day ago. This signals a reversal in Bitcoin, with the bears completely overpowering the bulls, sending it below the 50-day moving average, as CoinGape previously explained.
Deeper Cryptocurrency Market Crash Risks
Research indicated 10x Bitcoin has released a bearish signal, and most altcoins are bleeding. “There are some notable exceptions and these tokens are showing particular bullish momentum driven by project-specific catalysts,” the cryptocurrency expert added.
Popular on-chain technical analysts Julio Moreno, Chad Trading, and Caleb Franzen highlighted Bitcoin’s bearish structure and indicators. Franzen claimed that the bullish structure is broken amid institutional selling.
Ched Trading reported that the short-term Bitcoin bull case would be “3 bullish reversal drivers, and a third driver now to the 1.618 Fibonacci range.” BTC price is expected to rebound before falling to $71.5K.
Meanwhile, XRP is bleeding to daily lows. It has fallen below the multi-month support level at $1.30. This comes in spite of Institutional rotation on XRP And the pioneer Upgrade the XRP ledger. The cryptocurrency market collapse is likely due to the release of personal consumption expenditure inflation data coming on Thursday. It follows the $7.5 billion monthly crypto options expiration on Friday.
