Bitcoin slips below $70,000 as crypto market sell-off triggers

Bitcoin slipped below $70,000 as the crypto market sell-off triggered liquidation of $329 million in leveraged positions. The cryptocurrency was trading at $67,934, registering a decline of 3.84% in the last one day.

In the past 24 hours, Ethereum went down 4.74% to trade at the $1,976 level. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid fell over 4%. The global crypto market capitalisation edged down 3.14% to $2.32 trillion, according to CoinMarketCap.

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The sell-off appears to be driven by a combination of geopolitical tensions and macroeconomic pressures, creating a challenging environment for risk assets, said Riya Sehgal, Research Analyst, Delta Exchange.

Sehgal further said that following the release of weaker-than-expected jobs data in the United States, many investors expected Bitcoin to rebound. However, the anticipated bullish momentum failed to materialise. Instead, Bitcoin briefly declined toward $67,700, signalling that traders remain cautious despite what could otherwise be considered a supportive macro backdrop.

In the past week, Bitcoin and Ethereum were up 6.25% and 5.86%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, and Hyperliquid gained over 12%, whereas Cardano fell 2.75%.

Nischal Shetty, Founder, WazirX, said that over the past 24 hours Bitcoin has traded near $68,355, while Ethereum has held around $1,982, with the broader crypto market continuing to attract steady interest from both retail and institutional participants.

According to the Weekly Market Research Report by Binance, geopolitical tensions in the Middle East rattled markets over the weekend, sending Bitcoin to $63K, but the asset quickly reverted, suggesting the market is watchful, not panicked.

With BTC reaching a level of $70,000 on Friday, the report said that Bitcoin, trading around the clock, served as the earliest barometer and dropped sharply to approximately $63,000 before mounting a swift recovery above the $70,000 range, ultimately erasing the entirety of its geopolitically driven decline.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Bitcoin slips below $70,000 as crypto market sell-off triggers $329 million liquidations

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