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Crypto Market Selloff: Bitcoin, Ethereum Price Falls Sharply

Bitcoin and Ethereum price fall as traders and investors book profits amid ETH selloff by Ethereum Foundation and Vitalik Buterin.
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Crypto Market Selloff: Bitcoin, Ethereum Price Falls Sharply

The crypto market gives earlier gains and turns “red” in the US hours, witnessing a massive selloff in the broader market. The global crypto market cap fell over 2.60% to $1.18 trillion, with over $182 million worth of crypto assets liquidated in the past 24 hours.

Bitcoin price fell 5% to below $28,500, with the price currently trading at 28,573. In the last 24 hours, BTC price recorded a low and high of $28,468 and $29,820, respectively.

Ethereum prices also plummeted sharply below the $2,000 level. The ETH price fell over 7% in the last 24 hours, with the price currently trading at $1,882. The 24-hour low and high are $1,870 and $2,017, respectively.

Ethereum Foundation and Ethereum creator Vitalik Buterin selling over 15,000 ETH is likely the trigger behind the recent crypto market selloff. CoinGape Media reported that the last major selloff of ETH by Ethereum Foundation and Vitalik Buterin in November 2021 caused the ETH price to fall 40% in 2 months.

Also Read: Ethereum Foundation and Vitalik Buterin Move 15K ETH; Is An ETH Crash Ahead?

Altcoins including PEPE, FLOKI, LUNC, Arbitrum, Litecoin, and Aptos witnessed a major downfall. Massive Profit-booking was recorded in PEPE and FLOKI after both rallied over 50% in the last 24 hours. Binance introduced some restrictions in the market order functions for majorly Shiba Inu (SHIB), FLOKI, and PEPE trading pairs.

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Massive Liquidation In Bitcoin and Ethereum

Data from Coinglass revealed massive longs liquidation of over $182 million today, May 6. Almost 65k traders were liquidated in the last 24 hours, with the largest single liquidation order on Bitmex’s ETHUSD pair worth $7.70 million.

Crypto Liquidations. Source: Coinglass

Open interests fell nearly 5% today as traders anticipated a slight correction in the market. Meanwhile, Bitcoin Coinbase Premium has jumped higher, which indicates a difference in Coinbase Pro price (USD) and Binance price (USDT). However, Bitcoin aSOPR has climbed over 1, indicating that more investors selling at a profit.

It looks like BTC price will fall below the 50-DMA as the pattern shows weakness and high possibility of a correction. Moreover, the 20-DMA is crossing below the 50-DMA. Bitcoin price needs to reclaim $29.2k for upside momentum and hold above the $28.4k level.

Bitcoin Price. Source: TradingView

Also Read: Missed PEPE and Shiba Inu (SHIB)? Track These Whales Investing Early In Projects

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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