Crypto market crash deepens amid massive liquidations across Bitcoin, Ethereum, XRP, BNB, Solana, Cardano and other top altcoins. This happens as BTC price slumps below $90,000 in Asia hours on Tuesday, crashing by more than 28% in a month.
The crypto market has now lost over $1.20 trillion in just over a month, with the global market cap currently at $3.08 trillion. The Crypto Market Fear & Greed Index indicates bearish sentiment among investors as the index slipped further into the extreme fear zone to 11 today.
Crypto Market Crash as Bitcoin Tumbles to $89K
BTC price tumbles 6% on Tuesday to hit the key support around $90K. If the historical pattern repeats, similar to the bull market peak pattern, BTC could drop to its realized price at $55K.
The selling pressure in BTC has caused a broader crypto market crash. Meanwhile, ETH price has slumped more than 16% in a week to make a 5-month low of $2,948 today.
Altcoins XRP, Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Cardano (ADA) fell 5-9% over the past 24 hours. Notably, trending altcoins Zcash (ZEC) and Telcoin (TEL) dropped 11% and 12%, respectively.
XRP price dropped more than 5%, with the price currently trading at $2.13. The 24-hour low and high are $2.12 and $2.29, respectively.
As CoinGape reported last weekend, long-term holders (LTH) and whales continued selling based on historical BTC bull market peak patterns. Moreover, buyers who once supported every dip are no longer present amid weakening odds of a Fed rate cut in December.
However, some are buying the dip, such as the El Salvador government, which purchased 1,090 BTC worth $101 million. Gemini co-founder Cameron Winklevoss said, “This is the last time you’ll ever be able to buy Bitcoin below $90K.”
Another Over $1 Billion in Bitcoin, ETH, XRP & Top Altcoins
Investors have lost more than $160 billion in today’s crypto market crash as the global market cap tumbled from $3.24 trillion to $3.08 trillion.
BTC and top altcoins saw over $1 billion in crypto liquidations over the last 24 hours, according to Coinglass data. Over 180K traders are liquidated, with the largest single liquidation order of BTCUSD valued at $96.51 happening on Hyperliquid.
Notably, over $720 million long and $280 million short positions were liquidated. BTC, ETH, SOL, XRP, ZEC, DOGE, BNB, ADA, and LTC are among the most liquidated crypto assets in today’s crypto market crash.
Bitcoin and Ethereum ETFs Outflow Continues
Spot Bitcoin ETFs and Ethereum ETFs continue to witness outflows, with no signs of buying yet. As per Farside Investors data, Bitcoin ETFs recorded a net outflow of $254.6 million on Monday. BlackRock’s IBIT and Grayscale Bitcoin Mini Trust ETF saw $145.6 million and $34.5 million in outflows amid bearish sentiment.
CoinShares crypto funds flow data revealed outflows from BTC, ETH, XRP and SOL. This comes despite inflows into Solana ETFs, with Fidelity Solana ETF (FSOL) to launch today.
Meanwhile, spot Ethereum ETFs saw $182.7 million in net outflows, the 5th consecutive day of outflows. BlackRock’s ETHA and Fidelity’s FETH recorded $109 million and $3 million in outflows.
Notably, Grayscale’s ETHE and ETH saw $2.5 and $10.8 million in inflows. It indicates buying the dip sentiment among investors after a 39% drop in ETH price from ATH.