Bitcoin fell to its two-week low of $76,700 mark on Monday as the crypto market selloff triggered nearly $661 million liquidations in the past 24 hours. The cryptocurrency was trading at $76,764 mark.
In the past 24 hours, Bitcoin slipped 2% and Ethereum went down 3% to trade at $2,114. Among the major altcoins, BNB, XRP, Solana, Dogecoin and Cardano corrected up to 3% whereas Tron and Hyperliquid were up 0.7% and 7% respectively.
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The crypto market remains under pressure after Bitcoin faced rejection near the $82,000 resistance zone, triggering a broader pullback across digital assets and the decline also triggered heavy liquidation activity in the derivatives market, said Riya Sehgal, Research Analyst, Delta Exchange.
Sehgal further said that according to CoinGlass data, 107,275 traders were liquidated in the past 24 hours, with total liquidations reaching $661.13 million and the on-chain data shows whales reducing exposure while retail traders continue buying dips; ETF inflows have also slowed after recent strong institutional participation.
The global crypto market capitalisation edged down 1% to $2.56 trillion, according to CoinMarketCap.
The crypto fear and greed index dropped to 39, indicating the market sentiments are currently in fear and in the past 24 hours, more than $660 million have been liquidated from the markets, that includes $580 million in longs, said CoinDCX Research Team.
Ethereum slipped 9% in the past week and Bitcoin fell 5%. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano corrected up to 11% whereas Tron and Hyperliquid were up 2% and 8% respectively.
Vikram Subburaj, CEO, Giottus said the market had slipped back below the psychological $80,000 level after failing to sustain last week’s recovery and the market is not showing a full capitulation signal yet because spot selling pressure was easing, ETF assets were stabilising, and perpetual futures positioning had moved to a record net-short bias.
Subburaj further said that the next trigger is the May 20 release of the FOMC minutes for the April 28-29 meeting and this could influence expectations on US rates and liquidity-sensitive assets such as Bitcoin.
What other analysts said on Bitcoin hitting two week’s low
CoinSwitch Markets Desk
Bitcoin is trading steadily near the $78K-$79K range as investors tracked rising bond yields and inflation expectations in the US. Exchange inflows increased around recent highs, showing many traders were locking in profits while still remaining active in the market.
Akshat Siddhant, Lead quant analyst, Mudrex
Bitcoin is consolidating near the $77,000 level as rising geopolitical tensions in the Middle East push investors toward a risk-off stance. Selling pressure has increased after Bitcoin ETFs ended a six-week inflow streak, recording nearly $1 billion in net outflows.
WazirX Market’s Desk
The sell-off was driven by global macro developments, as oil prices climbed to $111.35 per barrel amid stalled ceasefire talks between the US and Iran. In the crypto sector, corporate and institutional activity remained constructive.
(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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