Leading cryptocurrencies fell further on Wednesday, while gold and silver held steady, as risk-off sentiment dominated the market. Bitcoin dipped under $72,000, now just 4% from its previous bull-cycle peak of $69,700. Ethereum slid below $2,100 for the first time since May 2025, with XRP and Dogecoin also coming under pressure amid the broader rout.
The global cryptocurrency market capitalization stood at $2.47 trillion, following a decline of 3.86% over the past 24 hours. Over $620 million was liquidated from the market in the last 24 hours, according to Coinglass, with $490 million in levered longs wiped out. Bitcoin’s open interest plunged 5.32% to $48.41 billion, although Bitcoin derivatives traders remained optimistic about a rebound, according to the Long-Short Ratio.
The “Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index. CryptoQuant noted that Bitcoin’s “bear market” is off to a “weaker start” than in 2022, with price plunging 23% since crossing below its 365-day moving average. “Momentum is deteriorating faster this cycle,” CryptoQuant stated.
Michaël van de Poppe noted Bitcoin’s battle for a higher low, somewhere around $74,500. “If it holds, that would be a great sign for continuation to $82,000-$84,000. If not, then test at $69,700 is the next level.” Bitcoin, Ethereum, XRP, Dogecoin Deepen Losses, While Gold, Silver Hold Steady: Analyst Says Crypto Momentum ‘Deteriorating Faster’. Bitcoin price hits lowest in over a year bringing MSTR, COIN, and other crypto stocks with it.
Leave a Reply