Crypto Market Selloff: Here’s Why Bitcoin, Ethereum, XRP, DOGE Falling Suddenly

Varinder Singh
October 9, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal 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.
Crypto Market Today (Mar 11): BTC Loses $80K, ETH Falls 9%, But MOVE Jumps 8%

The crypto market witnesses a massive selloff around 09:30 AM UTC amid uncertainty as the global crypto market cap tumbles nearly 1.50% to $1.07 trillion. Bitcoin shows stability, while altcoins such as Ethereum (ETH), XRP, Solana (SOL), DOGE, and SHIB record major selling within a few minutes. CoinMarketCap’s Fear & Greed Index slips from 47 to 45 in just an hour.

Bitcoin price slips to $27,500 from a 24-hour high of $28,000. BTC price is currently trading at $27,516 as $50 million longs get liquidated in just an hour, with 24-hour liquidation of $90 million. BTC recorded nearly $19 million in liquidation.

Ethereum plummeted below the $1600 level after the Ethereum Foundation sold ETH again, further worsening the upside possibility. The ETH price fell more than 1% in an hour and nearly 2% in the last 24 hours, with the price currently trading at $1,594. The 24-hour low and high are $1638 and $1591, respectively.

Among the top altcoins, Bitcoin Cash (BCH) led the selloff with 4% in an hour. Other altcoins such as XRP, SOL, DOGE, SHIB, and ADA fell nearly 2% in an hour, making the 24-hour fall of 5%.

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Why Altcoins Are Falling Suddenly?

Coinglass data indicate massive longs liquidation of $90 million today, October 9. More than 38traders were liquidated in the last 24 hours, with the largest single liquidation order on Bybit’s BTCUSD worth $3.11 million. As a result of the selloff, the broader crypto market is in “red” today.

crypto liquidations
Crypto Liquidations: Source: CoinGlass

Meanwhile, digital asset investment products saw inflows of $78 million, consecutively for the second week after six weeks of outflows. Solana recorded its largest week of inflows of $24 million since March 2022.

Popular analyst Michael van de Poppe predicts that Bitcoin will continue to make higher lows and hold above $27,500 despite starting to show weakness as the price falls below $27,700. He believes altcoins will continue to suffer and will correct further.

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Also Read: Solana (SOL) Clocks Largest Weekly Institutional Inflows Since March 2022, What’s Next?

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Macro Factors Became the Primary Reason For Selloff

The geopolitical risk in the Middle East due to the Israel-Hamas conflict increases WTI and Brent crude prices. Stock market indexes around the world are in red due to the conflict. Investors are anticipating a potential acceleration in inflation and its impact on the global monetary policy trajectory.

US futures tied to S&P 500, Dow Jones, and Nasdaq 100 are down more than 0.50%. European and Asian markets also remained under pressure due to the rally in oil prices.

Meanwhile, the US Dollar Index (DXY) jumps over 106.50 and looks to put more pressure on BTC price as it moves higher.

Also Read: Ripple Moves 60 Million XRP, What’s Happening?

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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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
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.
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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.