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Crypto Sell-Off Today: Crypto Liquidations Hit $1 Billion
The crypto market is experiencing a significant downturn as multiple factors converge to create a perfect storm of uncertainty. The recent announcement by Trump regarding 25% tariffs on Mexico and Canada, coupled with hacking incidents and liquidations on major exchanges like Bybit, has led to a massive sell-off.
In the past 24 hours alone, the crypto market has lost an astonishing $460 billion in value. This represents an average loss of approximately $19.1 billion per hour. These numbers are unprecedented and have left investors reeling.
The price of Bitcoin, the largest cryptocurrency by market capitalization, has fallen significantly. As of today, it is trading between $82,000 and $85,000 as investors adjust to the impending U.S. tariffs. Market volatility is likely to continue in the short term, with potential support at $81,000 and resistance at $92,000.
Arthur Hayes, the former CEO of BitMEX, remains optimistic about Bitcoin’s prospects, citing its resilience during previous market downturns. However, he did caution that if the price were to drop below the $81,000 mark, it could potentially plummet to around $70,000, a level not seen since the last bull cycle.
Meanwhile, altcoins have been hit even harder than Bitcoin. Ethereum, in particular, has suffered a 15% loss, dropping as low as $2,050 and erasing all its previous gains. Other notable losers include Cardano, down 25%, Solana, down 19%, Dogecoin, down 16%, and XRP, down 18%.
Despite the chaos, crypto analysts are urging investors to remain calm and avoid panic selling. The global crypto market cap has fallen by a staggering 10.5% to $2.76 trillion.
It is essential for investors to stay informed and adapt to the rapidly changing landscape. It remains to be seen whether this downturn will mark a significant shift in the market or merely a temporary correction before further growth.
In related news, it appears that Trump’s crypto reserve announcement has had an unexpected impact on Ethereum’s price, causing it to drop by 15%.
Source: https://coinpedia.org/news/crypto-sell-off-today-crypto-liquidations-hit-1-billion/
