The global crypto market is currently experiencing a severe downturn, with increasing liquidation threatening the stability of Bitcoin and altcoins.
Dive deeper to get the latest on the crypto crash and see what experts are saying about the future.
As of this writing, Bitcoin’s price stands at $54,541, down from $57,031 just yesterday. Over the past four days, Bitcoin has plummeted from $62,829, marking an 11.5% drop for the week. On June 29, Bitcoin was nearly $60,920.
On July 1, it peaked at $62,793, but in the last 24 hours alone, it has fallen by almost 7.3%. The hourly Bitcoin chart reveals strong selling pressure, evidenced by at least three significant red candlesticks. Early in the day, the market saw balanced selling and buying pressures, with a slight advantage for buyers. However, sellers eventually took control.
Similarly, Ethereum’s price has nosedived over the past four days, suffering a 16.3% decline this week. On July 2, Ethereum was priced around $3,417, but it has since dropped to $2,868.8. On June 29, it stood at approximately $3,372.
Despite reaching a weekly peak of $3,441 on July 1, Ethereum has steadily weakened. Several long red candles on the hourly chart indicate significant drops, with one showing a decline from $3,093 to $2,930. In the past 24 hours alone, Ethereum has fallen by over 10.2%.
The current market landscape heavily favors sellers, with panic selling intensifying as prices drop below $3,000. Over the last 24 hours, more than 221,704 traders have liquidated their holdings. Reports indicate that Ethereum liquidation has outpaced Bitcoin, with $44.5 million liquidated in the past hour alone and over $107 million in the last 24 hours.
The Uncertain Future of Ethereum
The exact cause of Ethereum’s sudden price drop remains unclear. Expert Antony Sassano points to issues with the Grayscale ETHE Fund as a potential factor. Previously cheaper than the actual Ethereum it represents, the fund is now more expensive, causing investor concern over future fees once the fund converts to an ETF. This uncertainty may be prompting some investors to sell their holdings.
Almost all of the top ten meme coins have seen significant declines in the past 24 hours. Reports show losses ranging from 17% to 25%. Dogecoin, Shiba Inu, and Pepe have declined by 15.5%, 14.9%, and 16.2%, respectively. Dogwifhat, Bonk, and FLOKI have fallen by 11.2%, 12.1%, and 15%, respectively. Brett has experienced a severe drop of 21.6%, while Book of Meme has fallen by 17.9%. Mog Coin reports a milder decline of 8.0%.
With the launch of the Ethereum Spot ETF just weeks away, the future of the crypto market remains uncertain. Whether this development will help the market rebound is yet to be seen.
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