Crypto Market Declines Over 4% as Bitcoin and Major Altcoins Slide Amid Rising Liquidations
The cryptocurrency market experienced a significant decline of 4.13% over the past 24 hours, with the total market capitalization dropping to $2.55 trillion. Bitcoin fell 3.42% to $76,218, while Ethereum saw a sharper decline of nearly 8%, trading at $2,256. Major altcoins also suffered losses: XRP dropped 4.67% to $1.58, Solana declined 4.22% to around $100.82, and Chainlink decreased by 6.30% to $9.40.
The sell-off was intensified by a surge in forced liquidations, totaling $738.68 million from over 194,000 traders. Long positions accounted for the majority of losses at $568.78 million, indicating significant damage to bullish investors. Market sentiment turned extremely fearful, with the Crypto Fear & Greed Index dropping to 15.
Analysts attribute the downturn to weak demand and external risks, including geopolitical tensions between the U.S. and Iran. On-chain data shows negative apparent demand for Bitcoin, suggesting more selling than buying and a lack of fresh capital entering the market. Despite the crash, some investors like Robert Kiyosaki view the decline as a buying opportunity for assets like Bitcoin, gold, and silver.
TheNewsCrypto02/02 07:32