Bitcoin plunged below $88,000, with trading volume surging 76% over the last 24 hours.
The market sell-off spread widely, driving Ethereum’s price below $3,000 for the first time in three weeks. XRP and Dogecoin also recorded sharp declines.
Shares of cryptocurrency-related companies, including Strategy Inc.(NASDAQ:MSTR) and Coinbase Global Inc.(NASDAQ:COIN), closed down 7.76% and 5.57%, respectively
Roughly $1.7 billion was liquidated from the market in the last 24 hours, according to Coinglass, with a billion worth of levered longs evaporated.
Bitcoin's open interest fell 1.22% in the last 24 hours, while total funds locked in Ethereum futures slid 3.22%.
The market sentiment worsened from "Fear" to "Extreme Fear," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency (Market Cap>$100 M)
Gains +/-
Price (Recorded at 8:20 p.m. ET)
Axie Infinity (AXS )
+19.02%
$2.10
River (RIVER )
+15.35%
$35.31
Story (IP )
+14.44%
$2.67
The global cryptocurrency market capitalization shrunk 4% to $3 trillion in the last 24 hours.
Stocks Crack on Trade Tensions
As anticipated, the stock market tumbled on Tuesday, marking its worst session in more than three months. The Dow Jones Industrial Average fell 870.74 points, or 1.76%, to finish at 48,488.59.The S&P 500 dipped 2.06% to end at 6,796.86, while the tech-heavy Nasdaq Composite lost 2.39% to close at 22,954.32.
With equities falling, investors sought refuge in safe havens. Spot gold rose 0.48% to a new all-time high of $4,785 an ounce.
The risk-off sentiment intensified amid Trump's tariff threats on Europe if they don't back his bid to acquire Greenland. The President asserted that there "can be no going back" on this issue, reiterating that the island is key for national and global security.
Is This A Long-Term Bullish Signal?
Despite the sell-offs, Bitcoin whale investors have not stopped accumulating, according to on-chain analytics firm Santiment.
Addresses holding between 10 and 10,000 BTC have grabbed 36,322 tokens over the last 9 days, an increase of 0.27%.
"Optimal conditions for a crypto breakout are when smart money accumulates, and retail dumps," Santiment stated. "Geopolitical issues aside, this pattern continues to be great for a long-term bullish divergence."
📊 Bitcoin's price has fallen back down to $89.4K as gold & silver continue to surge. That said, Bitcoin's whales & sharks continue to accumulate.
🐳 Wallets with 10-10K $BTC: Accumulated +36,322 tokens in the past 9 days (+0.27%) 🦐 Wallets with under 0.01 $BTC: Dumped -132… pic.twitter.com/RnVOgVl3j2
Michaël van de Poppe, widely followed cryptocurrency analyst and trader, noticed dense on-chain activity for Ethereum between $2,772 and $3,119, calling it a "key area of support."
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