Crypto Market Crash: $1B in Bitcoin, ETH, XRP, SOL, & Altcoins Liquidated, Here’s Why
Highlights
- Crypto market crash as Bitcoin falls below $73K due to the US-Iran war escalation.
- $1 billion liquidated across Bitcoin, ETH, XRP, SOL, ZEC, DOGE and other top altcoins.
- Growing macro risk-off sentiment, spot Bitcoin and Ethereum ETF outflows, and technical weakness.
- Analysts warn deeper Bitcoin and crypto market crash.
Crypto market crash shows no signs of stopping, with over $120 billion in market cap wiped out in a week. Over the past 24 hours, another $1 billion in Bitcoin, ETH, XRP, SOL and other top altcoins were liquidated.
BTC price tumbled below $73K and Ethereum plunged 5% to below $2,000 level amid macro, technical, and geopolitical factors. The Crypto Market Fear & Greed Index is 22 (extreme fear) today, slipping further into extreme fear since CoinGape warned that Bitcoin price could fall below $75,000.
Meanwhile, top altcoins XRP, BNB, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Hyperliquid (HYPE), and Zcash (ZEC) fell more than 3-7%. AI coins are leading the crypto liquidation, with RENDER, VIRTUAL, and WLD down 10-13%.
Crypto Market Crash amid Massive Bitcoin, ETH, SOL, XRP Liquidations
Coinglass data showed the crypto market saw another $1 billion in liquidations across Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and other top altcoins. Over 165K traders were liquidated, with the largest single liquidation order of BTCUSD valued at $15.34 million occurring on Hyperliquid.
BTC price crashed to $72,745 lows as investors liquidated $365 million in BTC holdings over the last 24 hours. Notably, almost $340 million in long positions were liquidated, sending the price to a 24-hour low of $72,745.
The crypto market saw almost $930 long and $69 million short positions liquidated. Notably, $345 million in crypto liquidations occurred in just an hour as Iran retaliated against the US strikes on Iranian missile launch sites. Notably, the US conducted 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 liquidated crypto assets in today’s crypto market crash. Ethereum price has tumbled to an intraday low of $1968 and XRP price tanked more than 4% to $1.28.
Growing Headwinds for Bitcoin, ETH, XRP & Other Altcoins
CoinGape has repeatedly warned of an upcoming crypto market crash. Crypto selloffs deepened amid rising headwinds such as macro risk-off sentiment, spot Bitcoin and Ethereum ETF outflows, HTX sanctions, and technical weakness.
The US 10-year Treasury yield (US10Y) climbed above 4.45% on Thursday, reversing a five-session decline due to fresh US-Iran war escalation. It has dampened hopes for a near-term peace agreement, raising inflation and Fed interest rate concerns. Also, the US dollar index (DXY) climbed above 99.5 today.
Spot Bitcoin ETFs saw their 8th consecutive outflows, with $733.4 million in total outflows on Wednesday. BlackRock Bitcoin ETF (IBIT) saw $527.8 million in redemptions. On the other hand, spot Ethereum ETFs recorded $67.1 million in total outflows.
Crypto market crash widened amid technical chart weakness. BTC formed a bearish engulfing outside bar pattern on the daily chart a day ago. This signaled a reversal in Bitcoin, as bears completely overpowered bulls, sending it below the 50-day moving average, as CoinGape highlighted earlier.
Deeper Crypto Market Crash Risks
10x Research pointed out that Bitcoin has triggered a bearish signal, and most altcoins are bleeding. “A few notable exceptions stand out and those tokens are showing idiosyncratic upside momentum driven by project-specific catalysts,” the crypto expert added.
Popular on-chain and technical analysts Julio Moreno, Ched Trading and Caleb Franzen highlighted bearish Bitcoin structure and indicators. Franzen claimed bullish structure is broken amid institutional selloffs.
Ched Trading mentioned that Bitcoin bull case short-term would be a “3 drives bullish reversal, 3rd drive now to 1.618 fib range.” He predicts BTC price could bounce before dropping to $71.5K.
Meanwhile, XRP is bleeding into daily range lows. It has dropped below the multi-month support level of $1.30. This comes despite institutional rotation to XRP and the major XRP Ledger upgrade. The crypto market crash is likely due to the upcoming PCE inflation data release on Thursday. It is followed by $7.5 billion monthly crypto options expiry on Friday.
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