Bitcoin, Ethereum, and major altcoins fall as macroeconomic uncertainty continues to weigh on sentiment.
The cryptocurrency market slipped on Wednesday for a second consecutive day, following Monday’s brief rebound, as investors remain cautious after a tumultuous weekend and recent geopolitical developments.
Bitcoin (BTC) is changing hands at $111,000, down 1.5% on the day, while Ethereum (ETH) is trading at $3,987, down 3.3%.
Other top tokens also recorded declines: BNB dropped 3.7% to $1,172 after hitting a recent high of around $1,370 on Monday. Solana (SOL) fell 2.6% to $197, and XRP declined 2.6% to $2.44.
The total crypto market capitalization dropped 2.4% on the day to $3.85 trillion, with Bitcoin dominance at 57% and Ethereum’s at 12.4%.
The day’s biggest losers included Bittensor (TAO), down 8% to $423; Story (IP), down 6% to $6.33; and Internet Computer (ICP), down 5.9% to $3.34.
COAI Surges
Among the day’s top gainers, ChainOpera AI (COAI) rocketed as much as 135% to $20, pushing its weekly gains past 300% and over 4,000% since launching on Sept. 25. Since this morning, the token has cooled slightly to $16, still up 67% on the day.
The dramatic moves have caught the attention of market watchers, with some suggesting on social media that manipulation may be at play.
“We’re looking at a project from nowhere with a fake AI product and no traction, [that] proceeds to get listed on Binance, Bybit and other CEXs ~2 weeks in, then skyrockets to top 10 cryptos,” writes the popular crypto account @altsteinn in a post on X.
The token currently has a market capitalization of just over $3 billion, per CoinGecko data.
Liquidations and ETF Flows
In the past 24 hours, over $396 million in crypto positions were liquidated, according to Coinglass. Long positions made up nearly $247 million, while shorts accounted for over $149 million.
Ethereum led liquidations with $120 million, followed by Bitcoin at $88 million, and other altcoins at $34 million.
Spot Bitcoin ETFs recorded inflows of over $102 million on Tuesday, reversing two consecutive days of outflows. Similarly, spot Ethereum ETFs attracted more than $236 million, also rebounding after two straight days of declines, according to SoSoValue.
Geopolitical Tensions Heighten
The market’s continued downturn comes amid rising geopolitical tensions between the U.S. and nations such as China and Venezuela.
Last Friday, U.S.-China trade tensions flared as President Donald Trump threatened 100% tariffs on Chinese tech imports, following China’s export controls on rare earth minerals.
Then on Tuesday, a U.S. strike on a vessel off the coast of Venezuela killed six suspected drug traffickers, according to Trump. In a post on Truth Social, the president said the strike targeted a “designated terrorist organization” connected to narcotics trafficking.
These developments, which heighten uncertainty in global markets, unfold against the backdrop of a U.S. government shutdown now entering its third week. The Senate is expected to vote for the ninth time this afternoon on a bill that would reopen the government, per CBS.