The cryptocurrency market is in turmoil, with traders facing massive losses as liquidations near the $1 billion mark. The total crypto market cap has dropped to $2.62 trillion, with Bitcoin taking the hardest hit. This sudden crash has triggered widespread fear, pushing the Crypto Fear & Greed Index down to 17—signaling Extreme Fear.
Data from Coinglass shows that 320,374 traders were liquidated in the past 24 hours, with total losses reaching $907.7 million. Long traders—those betting on price increases—lost the most, suffering $72 million in losses.
However, short traders, who expected prices to fall, weren’t safe either, losing a total of $179 million. The largest single liquidation occurred on Bybit, where a BTC/USD position worth $5.26 million was wiped out instantly.
Bitcoin (BTC) was the worst hit, with $318.2 million in positions liquidated. Of this, $235 million came from long traders, while short sellers lost $82.6 million.
Several key factors are driving the market downturn:
In a recent Fox News interview, former U.S. President Donald Trump spoke about an economic “transition period,” making investors nervous about what lies ahead. Concerns over a possible recession have added to the market panic.
The now-defunct Mt. Gox exchange recently moved 11,834 BTC (worth $931.1 million), followed by another 332 BTC (worth $26.6 million). These large transfers have raised fears that more Bitcoin could be sold, adding pressure to the market.
Ethereum whales have been making significant transfers, signaling potential sell-offs. One whale moved 7,000 ETH ($12.9 million) to Kraken, while another transferred 21,000 ETH to Binance, raising concerns of further price declines.
Bitcoin is currently trading around $81,632 and is approaching a key support level at $78,000. Investors are on edge as BitMEX co-founder Arthur Hayes warned that BTC could drop further, possibly testing the $70,000–$75,000 range.
Ethereum is also struggling, falling 8.4% in the last 24 hours. It is now trading at $1,915, the lowest level since late 2023, raising fears of further declines.
Volatility is back in full force, and the charts are painting a tense picture for what’s to come.
The crypto market dropped due to recession fears, large BTC transfers from Mt. Gox, and whale sell-offs, triggering $1B in liquidations.
Bitcoin fell due to economic uncertainty, large BTC movements from Mt. Gox, and BitMEX’s Arthur Hayes warning of a dip to $70K-$75K.
Bitcoin may recover if it holds the $78K support level, but further declines to $70K are possible based on market sentiment and liquidity.
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