Crypto Market Suffers Major Declines as Bitcoin and Ethereum Hit Lows
The cryptocurrency market faced a significant decline today, with Bitcoin falling below $113,000 and Ethereum dropping under $3,500. Altcoins also experienced notable losses, leading to increased trading volumes.
Key Stats and Events
- Over 114,000 traders had positions liquidated, totaling more than $368 million, primarily in long positions. The largest liquidation occurred on Binance with a $2.58 million position in Solana.
- New U.S. tariffs and uncertainty regarding Federal Reserve policy contributed to cautious trading, prompting risk reduction among investors. The release of additional tokens from projects like SUI and Ethena added selling pressure.
Industry and Community Response
BitMEX co-founder Arthur Hayes sold over $13 million in digital assets, including ETH, ENA, and PEPE, indicating further corrections may occur. In contrast, Eric Trump suggested that current prices could present buying opportunities.
While some investors remain cautious, others are monitoring for entry points or signs of recovery. Large holders have been accumulating significant amounts of Ethereum, indicating mixed long-term sentiment.