Bitcoin News

Crypto Market Crash: Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today

Crypto Market Crash: Bitcoin price tumbles below $61k amid panic selling by investors ahead US PCE inflation and options expiry this week. ETH, SOL, XRP, DOGE, SHIB under selling pressure.
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Crypto Market Crash: Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today

Highlights

  • Crypto investors lost $180 billion in net wealth in a week as BTC price risks falling to $57k.
  • US PCE inflation data and monthly options expiry are primary factors for crypto market selloff.
  • An analyst even predicts BTC price drop to $50k due to formation of Bitcoin double top pattern.
  • Altcoins bleed as meme coins lead the correction.

Crypto market saw bears gradually taking over bulls, with the market cap tumbling from $2.35 trillion to $2.24 trillion in the last 24 hours. Crypto investors lost $180 billion in net wealth in a week as market sentiment slips to “Neutral” today. The crypto market fear and greed index continues to slide from 76 (extreme greed) last month to 51 (neutral) on June 24.

Bitcoin price plunges more than 4% to a 24-hour low of $60,858 amid continued selling pressure and uncertainty. Traders eye BTC price to slip below $61,000, the support level it hit in April and May as well. BTC spot and derivatives traders look extremely bearish due to a focus on U.S. PCE inflation data and monthly options expiry.

Ethereum price also tumbled 4% in the last 24 hours, making the monthly drop to over 10%. ETH price is currently trading at $3,366 with a trading volume rising 73% as investors liquidated their holdings.

Altcoins such as Solana, XRP, Toncoin, Dogecoin, Cardano, and Shiba Inu tumbled 3-6% in the last 24 hours. Meme coins and AI coins are witnessing massive selloff, leading to correction in the crypto market. dogwifhat (WIF) leads with a 14% fall in the past 24 hours.

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Crypto Market Nears Crash As Traders Brace For Macro Events

Coinglass data indicates the popular cryptocurrencies recorded a liquidation of $170 million today, with $280 million liquidated in the last 12 hours. Over 90k traders were liquidated, with the largest single liquidation order happened on crypto exchange BitMEX after a whale sold XBTUSD valued at $10 million.

Over $100 million in long positions in BTC, ETH, SOL, DOGE, NOT, ORDI, PEOPLE, WIF, PEPE in the last 4 hours due to uncertainty in the market. This has caused the crypto market to bleed today.

A week ago, CoinGape warned about BTC price crash potentially to the $57k level near the month’s end due to key macro events and options expiry. Investors are bracing for both US PCE and monthly options expiry on Friday, expecting a sharp correction before the date as the Fed eyes only single rate cuts this year. Moreover, key macro events such as ISM manufacturing data, Fed Chair Powell speech, the FOMC meeting release, and jobs and unemployment rate data are due in the first week of July.

Over 105K BTC options of notional value $6.72 billion are about to expire on June 28, per the largest derivatives exchange Deribit. With a put-call ratio of 0.52 and the max pain point at $57,000, Bitcoin price is more likely to remain under selling pressure.

Source: Deribit

Also Read: Big Capital Rotation Into Altcoins to Begin In Two Weeks, Predicts Analyst

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Analyst Predicts Bitcoin Price Drop To $50K

Markus Thielen, founder of crypto research company 10x Research, said it’s the time to make tough decisions as BTC price action looks weak amid continuous outflows from spot Bitcoin ETFs. He predicts Bitcoin could crash to $50,000 due to double top pattern formation. The key support level is at $60,000.

BTC on-chain data and other analysts have also pointed to weaker BTC price action in the coming weeks. The concerns around massive selloffs by dumb money have risen, which could push BTC much lower.

Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks

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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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