- Bitcoin’s price crash triggers unprecedented sell-offs, resulting in $163 million in liquidations.
- Support level breach: Bitcoin slips to $24,888.49, Ethereum sees $60.54 million in liquidations.
- Market downturn linked to regulatory concerns and Tether depegging, impacting Bitcoin’s stability.
Bitcoin (BTC) experienced a significant and sustained price crash in the past 24 hours, resulting in unprecedented crypto sell-offs across more than 97% of the top 100 altcoins. CoinGlass data indicates that the market witnessed total liquidations amounting to approximately $162.7 million during this period.
Bitcoin’s price slipped below the $25,000 support level and is currently trading at around $24,888.49. The breach of this support level followed a 4.28% overnight price drop. While Trust Wallet Token (TWT) displayed positive performance among major cryptocurrencies, smaller tokens such as Injective (INJ), Sui Network (SUI), and Internet Computer (ICP) also faced liquidation.
Surprisingly, Ethereum (ETH) experienced higher monetary liquidations, with a total valuation of $60.54 million. Bitcoin’s monetary liquidations amounted to $46.30 million, while other altcoins combined accounted for $11 million.
What is causing the crypto FUD?
Two factors contributing to fear and uncertainty in the market are worth mentioning. The testimony of Aaron Kaplan, CEO of regulated crypto firm Prometheum, before the U.S. House committee regarding crypto regulations has raised caution among industry insiders.
Additionally, concerns surrounding the depegging of the Tether (USDT) stablecoin have grown. Bitcoin is particularly affected by the Fear, Uncertainty, and Doubt (FUD) surrounding Tether, as there is speculation that the parent company might sell its Bitcoin holdings to stabilize the stablecoin’s peg.
