The Dogecoin News Everyone Expected Just Fell Apart and Pepeto openPR.com
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Bitcoin’s rally back to the mid-$73,000 region did not last long as the leading cryptocurrency’s price action reversed as the week came to a close and fell back around $67,000 after momentarily regaining momentum last week, pulling Ethereum down with it till the ETH price also lost the $2,000 price level.
However, the pullback of these leading cryptocurrencies is the product of a few forces colliding at once: a war nobody fully priced in and institutions quietly heading for the exits. Here is what happened.
Spot Bitcoin ETFs: From Boosting Rally To Draining Liquidity
One of the clearest reasons for Bitcoin’s reversal is that the same ETF complex that helped lift the price early in the week suddenly turned into a source of pressure. SoSoValue data show that US-based Spot Bitcoin ETFs posted strong inflows at the start of the week, including about $458.19 million on March 2, $225.15 million on March 3, and $461.77 million on March 4.
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That stretch helped Bitcoin climb as high as roughly $74,051 intraday on March 4, but the tone changed quickly after that. By March 5, spot Bitcoin ETFs had flipped to a net outflow of about $227.83 million, and on March 6, the outflow worsened to roughly $348.83 million, showing that institutional demand softened just as Bitcoin was testing resistance near the mid-$70,000s.
Spot Bitcoin ETFs. Source: SoSoValue
Unsurprisingly, Ethereum also saw its own exchange-traded funds flows deteriorate in tandem with Bitcoin. SoSoValue’s data show US Spot Ethereum ETFs started the week on firmer footing, with $38.69 million in net inflows on March 2, led by BlackRock’s ETHA at about $26.51 million. However, by the second half of the week, that demand had faded massively.
Spot Ethereum ETFs recorded about $90.94 million in net outflows on March 5 and another $82.85 million in net outflows on March 6, with Fidelity’s FETH alone accounting for roughly $67.57 million of the March 6 withdrawal.
Spot Ethereum ETFs. Source: SoSoValue
Profit-Taking And Global Risk Aversion
The final piece is the macro backdrop. The bounce to $73,000 to $74,000 invited short-term traders to lock in gains, especially after Bitcoin ran into a clear resistance band and failed to push through decisively. On-chain data shows that more than 27,000 BTC in profit were sent to exchanges by short-term holders within 24 hours.
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However, investors are not dealing with only crypto-related concerns. Financial markets are still pricing in the conflicts in the Middle East. Iran responded to US-Israel attacks by not only firing retaliatory strikes but also effectively closing the Strait of Hormuz, a passage for roughly one-fifth of the world’s oil supply. That closure is what truly rattled markets.
Once Bitcoin lost altitude, Ethereum followed with even more force. At the time of writing, Bitcoin is trading at $67,500. Ethereum, on the other hand, is trading at $1,975.
Featured image created with Dall.E, chart from Tradingview.com
Dogecoin Price Forecast: DOGE whale transactions fell by more than 70%; bearish move ahead FXStreet
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RBLK vs. TRX: Is Rollblock the Next Crypto Coin to Surpass TRON Where Cardano Fell Short? CryptoDaily
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The cryptocurrency market was not doing well on Tuesday as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other digital assets plunged. The crypto market crash occurred in tandem with other risk-off events in the global financial market owing to rising US treasury yields, a more hawkish Fed and heightened macroeconomic uncertainty.
Why The Sudden Crypto Market Crash?
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Rising U.S. Treasury Yields Trigger Risk-Off Sentiment
Rising bond yields were a primary driver of the crypto market’s decline today. The 10-year U.S. Treasury yield climbed to 4.70%, accompanied by increases in the 30-year and 5-year yields, which reached 4.61% and 4.50%, respectively.
For context, higher bond yields make traditional investments more attractive, drawing capital away from riskier assets like cryptocurrencies. This shift contributed to a broader sell-off across asset classes, including equities. The Nasdaq 100 fell over 1%, and popular tech stocks such as NVIDIA and Tesla saw significant losses.
For instance, Tesla stocks dropped 4.68% to $391.81, erasing $19.24 in share value. The trading volume was 62.12 million shares since investors engaged the market due to macroeconomic risk and increasing yields in bonds.
2. Hawkish Federal Reserve Outlook Adds to Pressure
Additionally, the Federal Reserve’s monetary policy stance weighed heavily on investor sentiment. Minutes from the December meeting signaled fewer interest rate cuts in 2025 than previously anticipated.
Economic reports preceding the Fed minutes showed strong labor market data, with job vacancies reaching a six-month high. This raised concerns about persistent inflation, which could lead to a tighter monetary policy environment. Historically, tighter policies have adversely affected cryptocurrencies, as higher interest rates reduce their appeal.
Moreover, JOLTS job openings rose by 259,000 to 8.1 million in November 2024, marking two consecutive months of growth. Sectors like professional services and finance led the gains. ISM Services PMI also signaled economic resilience, fueling concerns of limited Fed rate cuts in 2025.
3. Macro Uncertainty and Broader Economic Concerns
Uncertainty in the U.S. economy has heightened market volatility. Fiscal policies under President Donald Trump and the looming debt ceiling have created investor unease. Rising fiscal deficits and unclear Treasury strategies add to the concerns, further impacting market confidence.
Analysts, including Arthur Hayes, predict a short-term boost for crypto in Q1 2025 due to increased U.S. dollar liquidity. The Treasury’s spending could temporarily fuel gains for Bitcoin and Ethereum. However, the need to refill the Treasury General Account and April’s tax season could reverse these gains, leading to a crypto market crash.
Crypto-linked stocks like Coinbase and MicroStrategy have also suffered sharp declines. Rising bond yields and the Federal Reserve’s hawkish stance have intensified the sell-off. This downturn reflects the interconnected nature of global markets
BTC, ETH, DOGE, And Altcoins Price Action Amid Crypto Market Crash
The crypto market’s losses were pronounced, with major cryptocurrencies suffering steep declines and trading volumes surging amid the sell-off.
Bitcoin (BTC) price dropped 5.04% to $96,713, falling below the $100,000 psychological support level. The 24-hour trading volume rose 13% to $55.12 billion, indicating increased activity as traders reacted to the downturn. Its market capitalization declined to $1.91 trillion, reflecting the broader BTC bearish sentiment.
Meanwhile, Ethereum (ETH) was down by 8% to $3,394 after failing to hold the $3,600 level. Market capitalization of the company fell to $412.29 billion, while trading volume rose by 21% to $28.23 billion. Rising volatility indicated that the investors are more uncertain as compared to the previous periods in this environment.
Likewise, the value of XRP price declined by 5.66% to $2.29 as market capitalization fell by 6.03% to $131.29 billion. Nevertheless, the trading volume rose to $6.95 billion, which is 57.57% more, which shows increased activity.
The crypto market crash also affected top meme coins. Dogecoin (DOGE) recorded a 9.12% drop to $0.3546. Its market capitalization decreased to $52.3 billion, and trading volume soared 54% to $4.6 billion. The increase in trading activity reflected mixed reactions, ranging from profit-taking to panic-driven selling.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Today, the cryptocurrency market witnessed a sharp price decline, with Bitcoin (BTC) price trading below $95,000. Major altcoins like Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB) saw their prices crash to week lows. When writing, UNUS SED LEO (LEO) was the only top gainer, showing just a 2% increase over the last 24 hours. The market crash led to liquidations worth $1.46 billion in the past 24 hours.
The global cryptocurrency market today recorded an approximate 5% decline, bringing the market capitalization to $3.46 trillion. Despite the drop, trading volumes surged by 107%, reaching $324 billion. The Fear and Greed Index shifted to 76, indicating greed compared to the previous state of extreme greed.
Here’s an overview of some top cryptocurrencies by market cap and their prices today, December 10:
Cryptocurrency Market Today: BTC, ETH, SOL and XRP Crashed
Bitcoin (BTC) price crashed suddenly, hitting a low of $94,286 today, marking a sharp downturn in the market. Major altcoins like Ethereum (ETH), Solana (SOL), and XRP also witnessed declines ranging from 5% to 10%, further amplifying bearish sentiment in the cryptocurrency market today.
However, on a positive note, Hester Peirce outlined key crypto reforms initiated during Donald Trump’s leadership. These reforms aimed to establish a clearer regulatory framework for digital assets, fostering long-term growth and innovation in the cryptocurrency market.
Bitcoin Price Today
Bitcoin (BTC) price was trading at $97,082, reflecting a 2% decline over the past 24 hours. The 24-hour high stood at $100,358, with the cryptocurrency holding a market cap of $1.92 trillion and a 24-hour trading volume of $111 billion. Bitcoin’s market dominance remained strong at 55.71%.
As per Farside Monday, BTC ETFs saw varied activity. Fidelity reported significant inflows of $175 million, while Bitcoin ETFs overall recorded $85 million in inflows. Meanwhile, Bitwise and ARK reported outflows of $39 million and $34 million, respectively. Data on BlackRock’s ETF remains awaited, leaving investors keen on updates.
In a noteworthy development, a Russian lawmaker proposed the creation of a Bitcoin reserve. The initiative aims to enhance financial stability, circumvent international sanctions, and capitalize on cryptocurrency’s increasing value. This move underscores the growing recognition of Bitcoin’s strategic importance on the global stage.
Ethereum Price Today
Ethereum (ETH) price was trading at $3,691, down 7% from the previous day. The 24-hour price range for ETH was between $3,523 and $3,954. Ethereum’s market cap stood at $445 billion, with a 24-hour trading volume of $60 billion and a market dominance of 12.93%.
In ETF activity, ETH ETFs saw $5.6 million in overall inflows, largely driven by Fidelity’s contribution of $30 million. However, Bitwise and ARK reported outflows of $13 million and $4 million, respectively. Data regarding BlackRock’s ETH ETF is still awaited, keeping the market speculative.
XRP Price Today
XRP price was trading at $2.08, marking a sharp 16% decline over the past 24 hours. The market cap stands at $119 billion, with a significant 24-hour trading volume of $20 billion. XRP’s 24-hour low and high were $2.08 and $2.49, highlighting the ongoing volatility in the cryptocurrency market today.
Solana Price Today
Solana (SOL) price was trading at $210, showing stability within a 24-hour range of $209 to $232. The cryptocurrency holds a market cap of $100 billion and reported a 24-hour trading volume of $9 billion. SOL ranks as the 5th largest cryptocurrency by market capitalization and maintains a market dominance of 2.94%.
Meme Crypto Performance Today
The meme coin sector has seen a sharp drop in prices, reflecting the bearish trend in the cryptocurrency market today. Dogecoin (DOGE) fell by 14%, now trading at $0.3878, with a 24-hour high of $0.454. Similarly, Shiba Inu (SHIB) experienced a 19% decline, with its price now at $0.00002524.
Other popular meme coins, including PEPE, WIF, and BONK, also reported losses ranging between 15% and 25%. The significant downturn highlights the increased volatility in the meme coin sector as market sentiment remains weak.
Top Crypto Gainers Prices Today
UNUS SED LEO
In the bearish cryptocurrency market today, UNUS SED LEO (LEO) emerged as the only coin with a 24-hour gain, up by over 2%. LEO was trading at $9.50, with a 24-hour low of $9.246 and a high of $9.563. The token holds a market cap of $8.85 billion, maintaining stability amid the broader market downturn.
Top Crypto Losers Prices Today
GALA
GALA price saw a significant drop of 25%, making it the worst-performing token in the last 24 hours. It was trading at $0.0443, with a 24-hour high of $0.05799. GALA’s market cap stands at $1.6 billion, and it reported a 24-hour trading volume of $767 million, reflecting a significant decline in activity.
Worldcoin
Worldcoin (WLD) price experienced a significant 23% drop in price, trading at $2.80. Its 24-hour high reached $3.645, but the overall market downturn weighed heavily on its performance. With a market cap of $2.09 billion and a trading volume of $1.3 billion, WLD became the second-worst performer of the day.
Overall, the cryptocurrency market is down today, with most coins in the red or showing negative trends. The hourly charts also reflect a bearish sentiment, with Bitcoin (BTC) down by 1% in the last hour. Meanwhile, major altcoins have seen declines of 2% to 4% in the hourly chart.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto investors lose $80 billion because of the crypto market selloff on Monday, with the market cap dwindling from $2.1 trillion to $2.03 trillion. Bitcoin and Ethereum prices saw a sudden selloff amid another assassination attempt on Republican presidential candidate Donald Trump at his Florida golf club Sunday.
Moreover, the crypto market fear & greed index has slipped from 51 (neutral) to 39 (fear) in a day. Altcoins such as Solana (SOL), XRP, Cardano (ADA), and Dogecoin (DOGE) also dropped mirroring Bitcoin and Ethereum fall. However, the traders are upbeat overall as they focus on the FOMC meeting and Jerome Powell’s decision on Wednesday.
Why Is Bitcoin Price Dropping?
Bitcoin price fell as traders turned cautious ahead of the highly-anticipated pivot from the Federal Reserve this week. The market expects rate cuts for the first time since 2020, with speculation of a 50 bps rate cut.
According to CME FedWatch tool, there’s a 61% probability of a 50 bps rate cut and 39% odds of a 25 bps in after the FOMC meeting. Also, the data indicates a total of 125 bps Fed rate cuts this year.
PlanB, creator of the bitcoin stock-to-flow (S2F) model, shared a Bitcoin miner revenue chart on X. He warned that miners are still struggling after Bitcoin halving and liquidating their holdings gradually. He said, “We need 2x current BTC price to kick-start the bull pump.” This aligns with historical patterns where BTC price post halving sustained miner profitability.
Crypto analyst Credible Crypto noted that BTC price retraced perfectly from the ideal $61-62K resistance zone. However, the price is currently holding above the $58,500 level, which is crucial to prevent further flush to the downside.
Coinglass data shows nearly $35 million in BTC liquidation, with $30 million in longs liquidated. Bitcoin price fell to a 24-hour low of $58,112 as traders sold BTC when the price fell below 50-SMA (blue).
Moreover, the price successfully reversed from the 0.618 Fib retracement level to the 0.5 Fib retracement level in the daily timeframe. The price is expected to move sideways near the $59,000 level until the FOMC meeting. A 50 bps rate cut will boost sentiment, but prices momentum will remain volatile.
Why Ethereum Price Tumbled Below $2,300?
A dormant ‘diamond hand’ Ethereum whale has become active after eight years and selling its ETH holdings. Also, other whales have been bearish after Ethereum Foundation and Vitalik Buterin sold ETH recently.
Popular analyst Ali Martinez noted that ETH price risks dropping further if it fails to hold key support between $2,290 and $2,360. Notably, 1.90 million addresses hold around 52 million ETH in this range. He added that a break below this demand zone could lead to a wave of sell-off, driving the price toward $1,800.
ETH price tumbled 6% in the past 24 hours, with the price currently trading at $2,308. The 24-hour low and high are $0.643 and $0.664, respectively.
The fall in Bitcoin price and Ethereum has triggered a fall in other altcoins such as SOL, XRP, DOGE, and ADA. The market is to focus completely on the FOMC meeting for further cues on direction.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world’s largest cryptocurrency, predicting massive rallies in the future. The analyst projects that Bitcoin could rise as fast as it fell, mirroring the speed of its crash as it regains all the value shed during its decline.
Bitcoin Set For Rapid Recovery
In an X (formerly Twitter) post on August 6, a crypto analyst identified as ‘The Crypto Dog’ has shared an optimistic forecast on the future outlook of Bitcoin. The analyst believes that Bitcoin may recover quickly from its recent market declines, highlighting that the pioneer cryptocurrency would regain its lost ground at a pace as swift as its previous crash.
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The analyst’s bullish outlook on Bitcoin’s price comes after the cryptocurrency quickly rebounded from its former lows and maintained a crucial support level around the $54,000 price mark. Bitcoin’s resilience at maintaining a price above the $54,000 level could be a possible bullish signal, considering the cryptocurrency fell drastically below $50,000 in the previous weeks.
In recent days, Bitcoin has shown remarkable strength after witnessing a crash that led to more than 20% of its value wiped. Despite the substantial price decline, the cryptocurrency appears to be on a major recovery trend, steadily approaching the $60,000 point once again.
Earlier this year, Bitcoin rapidly rose to an all time high above $73,000, driven by the approval and launch of Spot Bitcoin ETFs. Following this rally to a new ATH, Bitcoin underwent its cyclic halving event which at the time was considered a bullish event that could propel the price of the cryptocurrency even higher.
Despite analysts’ bullish projections of Bitcoin during this bullish cycle, the cryptocurrency has faced major liquidations, driving its price down to new lows. Nonetheless, whales continue to buy Bitcoin at a rapid pace, taking advantage of the lower prices and accumulating over 30,000 BTC worth about $1.62 million.
Analyst Says Now Is The Best Time To Buy BTC
A crypto analyst, identified as ‘the on-chain college’ has highlighted the most opportune time to invest in Bitcoin. The analyst suggests that if investors expect Bitcoin to rally to new highs within the next 6 to 12 months, now could be the perfect time to buy the cryptocurrency.
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Sharing a chart of Bitcoin’s price movements, the analyst mentions the Mayer Multiple, a unique metric that compares Bitcoin’s current price to its 200-day moving average. He disclosed that Bitcoin’s Mayer Multiple is currently at its lowest level since the bottom of the 2022 bear market.
This implies that a low Mayer Multiple indicates that Bitcoin is undervalued, making it a potentially good opportunity to buy the cryptocurrency. At the time of writing, the price of Bitcoin is trading at $57,241, marking a 10.89% decrease over the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price dipped below $65,000 today, coinciding with significant BTC movements by the German Federal Criminal Police Office (BKA).
According to Arkham, the BKA sent $425 million in Bitcoin to different wallets, including exchanges Kraken and Bitstamp, raising questions about the potential impact on the markets.
German Government’s Bitcoin Transfer
The German Federal Criminal Police Office (BKA) moved a large volume of Bitcoin on June 19th. From the Arkham data, the BKA transferred 6,500 BTC worth $425 million from their wallet.
Of this, $32 million worth of Bitcoin was sent to Kraken and $32 million to Bitstamp. These transactions hint that there could be an intention to sell some of the holdings.
Post was just meant to highlight not to call for a massive pump/dump or anything. I personally didn’t even know the German Government seized that much #Bitcoin earlier this year.
Fwiw, more often than not these transfers are around local bottoms not tops the moment people find…
— Daan Crypto Trades (@DaanCrypto) June 19, 2024
The Arkham CEO Miguel More claimed that the entity cashed out $130 million of BTC to the so-called service wallets, which is a hint of an imminent selling. The transfer was first spotted by the Mantle blockchain strategist @Defi_Maestro on the social platform X, suggesting that it could cause a stir in the market.
Seizure of BTC by BKA
The BKA’s Bitcoin is derived from the confiscation of around 50,000 BTC from the owners of Movie2k.to, a movie streaming service that was operational in 2013. The BKA got the money in mid-January 2024 after the suspects made a ‘voluntary contribution’ to the organization.
From February, the German government-labeled wallet contained this amount of Bitcoin until the recent transfer.
According to Arkham, the wallet initiated several transactions on June 19, with one being an output of 6,500 BTC and another input of 2,500 BTC to the wallet address. This move stirred the crypto enthusiasts, and everyone began to wonder about the German government’s selling motives.
Bitcoin Market Reaction and Price Trend
The information on BKA’s Bitcoin transactions affected the market sentiment shortly after the announcement. Analysts pointed out an increase in the number of short positions and a mild decrease in the price of Bitcoin after the transfers. The price of Bitcoin, consequently, dropped below $65,000 as it had done in the past during large transactions by government bodies.
Nevertheless, the real number of BTC transferred to Kraken and Bitstamp was about 500 BTC each, which some analysts believe should not lead to a major change in the market. However, the knowledge that a government is liquidating assets may cause short-term market fluctuations.
Concurrently, crypto analyst Ali Charts noted that Bitcoin has fallen below the +0.5σ MVRV pricing band to $67,890, pointing towards a correction towards the mid-price band of $54,930. By comparing the MVRV ratio against the 1-year SMA, we see that the momentum is indeed downward, this means that Bitcoin is being traded at a loss compared to some of its earlier acquisition prices.
BTC Derivatives Data
The recent activity by the German government has also coincided with other market indicators that are sending mixed signals. Bitcoin’s dominance fell sharply by 0.93% to 54.31%, meaning investors are apparently in the altcoins. The Bitcoin exchange balance also had a small net outflow, which is considered bullish as traders prefer to keep the Bitcoins rather than sell them.
The Crypto Fear & Greed Index fell by 13.51% to 64, which is still within the ‘greed’ territory, meaning that the overall sentiment remains optimistic despite the recent retracement. However, the volume of open interest in Bitcoin futures and options has been rising, which indicates more speculation and institutional investors.
Source: Coinglass
Funding rates, on the other hand, are slightly positive, which means that traders are ready to keep the longs open even after the price rolls back. This overall market behavior indicates that although the BKA’s transactions have led to a near-term decline, the long-term market sentiment still remains positive.
Read Also: Reasons Why Bitcoin Is Struggling Despite Crypto Market Is Up On Wednesday
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market flashes fresh signs of weakness as bull and bear clash over dominance. Investors have lost nearly $150 billion in the last few days, as the crypto market cap tumbled from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins failed to sustain upside momentum and continue to fall amid a lack of trading volumes in spot and derivatives markets.
Has the market trend changed as crypto struggles to overcome macroeconomic concerns? The Crypto Fear & Greed Index revealed a shift in trend and sentiments since May 6. The index dropped from 71 to 64 in three days, with technical charts looking weak.
Crypto Market Selloff As Bitcoin Price Loses Momentum
Bitcoin price tumbled below $62,000 in US hours as traders booked profits or liquidated long positions. BTC price has dropped over 5% this week, with over 1% fall today, May 8. Trading volume has dipped further in the last 24 hours.
Bitcoin tumbled due to various reasons including hawkish remarks from Fed officials including Neel Kashkari, regulatory crackdown, upcoming options expiry, and weak patterns. The recent remarks spook the crypto market regardless of dovish comments by Fed Chair Jerome Powell and positive economic factors last week.
Max pain price for Bitcoin this expiry is $62,000, with traders bracing for a crash if BTC price falls below the level. Notably, pull bets are higher on the days following expiry, with 62,500 and 60,500 key levels to watch. Despite this, analysts remain optimistic on Bitcoin price rally this year as stagflation concern eases.
Meanwhile, the US dollar index (DXY) climbed higher for three consecutive days at 105.50, the highest level since mid-November. Traders await further comments from Fed officials for guidance on market direction and economic outlook. As per current data, the Fed is likely to cut interest rates in September.
Moreover, the US 10-year Treasury yield (US10Y) jumped today to 4.481%. As Bitcoin moves opposite to DXY and Treasury yields, the rise in numbers indicates pressure still growing on Bitcoin.
Bitcoin is still under consolidation and needs to break above $63,700 in short-term for recovery and $70,000 for rally, ending the crypto market selloff. BTC dominance is currently at 53.4%.
Crypto Market Liquidation
Coinglass data shows more than $400 million were liquidated across the crypto market in the last few days. Of these, $330 million long positions were liquidated and nearly $70 million short positions were liquidated.
In the last 24 hours, over 65K traders were liquidated and the largest single liquidation order happened on crypto exchange OKX as someone swapped ETH to USD valued at $3.86 million.
Ethereum (ETH) prices tumbled below $3,000, triggering a weak trading and selloff in altcoins. Solana (SOL), BNB, XRP, Dogecoin (DOGE) and Shiba Inu (SHIB) prices fell 2-6% in the last 24 hours.
The more Bitcoin consolidates anywhere between current price levels & $70,000 after the Halving…
The more this cycle will decelerate and resynchronise with its regular historically-recurring Halving Cycle with a Bull Market peak in mid-September/October 2025
Current… pic.twitter.com/YZtFuYXs7a
— Rekt Capital (@rektcapital) May 8, 2024
Also Read:
- Just-In: BitMEX Launches Bitcoin, ETH, SOL, XRP, DOGE Options
- Celsius (CEL) Price Rockets 370%, Here’s Why
- Crypto Market Selloff: Why BTC, ETH, SOL, XRP, SHIB Fell, Crash Looms This Week?
- Bitcoin Price: CryptoQuant CEO Predicts BTC To Hit $265K, Here’s Why
- Cardano (ADA) Welcomes New CTO To Scale Product Pipeline
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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