- The crypto market is down over 4% in the last 24 hours.
- Crypto liquidations totaled $738.68 million, with Bitcoin, Ethereum, and other major altcoins suffering losses.
The whole crypto market fell by around 4.13% in the last 24 hours, bringing its total value to $2.55 trillion. Investor sentiment has rapidly shifted bearish, with the Crypto fear & Greed Index reaching 15, indicating extreme anxiety. The decline is being intensified by a surge in forced liquidations, which are pulling prices down for Bitcoin, Ethereum, and other altcoins.
Where Bitcoin is trading at $76,218, down 3.42% over the past 24 hours, Ethereum is sliding nearly 8% to trade at $2,256 at the time of writing.
The pressure has passed over into major altcoins, while XRP is down 4.67% over the past 24 hours, trading at $1.58, and Solana has declined 4.22% to around $100.82. Even Chainlink is down by about 6.30% over the same period and is trading at $9.40.
Coinglass reports that liquidations in the crypto market have sharply increased during the last 24 hours. A total of $738.68 million was liquidated from 194,078 traders. The bulk of losses, which is about $568.78 million, came from long positions, suggesting that bulls were most severely damaged during the period of selling. Then, short liquidations, on the other hand, totaled $171.77 million.
Weak Demand and Outside Risks Keep Bitcoin Range-Bound
As the pressure has been coming from outside crypto as well. The tensions, around U.S.–Iran relations, have added another layer of caution. With that Bitcoin has slipped below several medium-term support levels and is trading like a high-risk stock rather than a trustworthy one.
While the CryptoQuant analysis says that rather than a significant crash or a robust bull market, Bitcoin is currently in a gradual, sideways corrective period, they claim that the on-chain data, Apparent Demand, is negative at about 19,000 BTC, indicating that little fresh money is entering the market and more Bitcoin is being sold than purchased. So, the lack of demand means the market may continue trading sideways rather than having a sudden comeback or breakdown.
Robert Kiyosaki argued that crashes separate rich and poor investors, with the rich people buying assets like Bitcoin He mentioned, “ The gold, silver, and Bitcoin market just crashed….a.k.a. went on sale…and I am waiting….with cash in hand….to begin to buying more gold, silver, and Bitcoin….on sale,” highlighting his bullish stance.
Highlighted Crypto News Today:
Bitcoin Sees Second-Largest CME Futures Gap After Weak January Close
Source: https://thenewscrypto.com/crypto-market-declines-over-4-as-bitcoin-and-major-altcoins-slide-amid-rising-liquidations/
