Crypto Market Selloff: Bitcoin, ETH, XRP Price Falling Sharply; What Happened?
A broader selloff across the crypto market started around 08:30 UTC on Monday, with over $90 million worth of crypto assets liquidated in an hour and $150 million liquidated in the past 24 hours.
Bitcoin price fell 3% to the $29,000 level, with the price currently trading near $29,280. In the last 24 hours, BTC price recorded a low and high of $29,068 and $30,330, respectively.
Ethereum prices also plummeted below the $1850 level. The ETH price fell over 2% in the last 24 hours, with the price currently trading at $1,848. The 24-hour low and high are $1,837 and $1,904, respectively.
XRP price fell over 3% to extend fall to 6% in the past 24hrs. Other altcoins including Cardano, Polygon (MATIC), and Solana also tumbled nearly 3%, with the global crypto market falling 2.3% to $1.17 trillion in the last 24 hours.
Why Bitcoin and Crypto Price Are Falling Suddenly?
Coinglass data indicate massive longs liquidation of $150 million today, July 24. More than 50k traders were liquidated in the last 24 hours, with the largest single liquidation order on OKX’s BTCUSDT swap worth $2.57 million. As a result of selloff, the broader crypto market is “red” today.
Longs liquidation coincided with ChatGPT founder Sam Altman’s Worldcoin (WLD) token launch. Traders moved to try WLD trading as major crypto exchanges such as Binance, OKX, Huobi, Bybit, and others listed the token.
Moreover, crypto asset funds recorded the first week of outflow after 4 consecutive weeks of inflows worth more than $500 million.
Read More: Bitcoin Price Signaling Possible Bearish Momentum Below $30k – $25k Coming Soon?
Macro Factors Became the Primary Reason
Government bond yields around the world retreated to kick off the last week of July, with the US 10-year Treasury note yield falling to 3.81% amid concerns about the global economic slowdown and possible recession. Traders also brace for key interest rate decisions from the US Federal Reserve, the ECB, and the Bank of Japan.
CME FedWatch Tool shows a 99.8% probability of a 25 bps rate hike by the FOMC on July 26, taking the Fed funds rate to 525-550.
The U.S. Dollar Index (DXY) effectively jumped higher to 101.25, bringing a correction in Bitcoin and Ethereum prices. Traders need to keep an eye on DXY amid key macro events this week, expect a directional move after week packed with volatility.
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