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

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%.

Why Altcoins Are Falling Suddenly?

Coinglass data indicate massive longs liquidation of $90 million today, October 9. More than 38k traders 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.

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.

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

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?