Altcoin
Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today
Crypto market saw bears gradually taking over bulls, with the market cap tumbling from $2.35 trillion to $2.26 trillion in the last 24 hours. Crypto investors lost $160 billion in net wealth in a week as market sentiment slips to “Neutral” today. The crypto market fear and greed index continues to slide from 76 (extreme greed) last month to 51 (neutral) on June 24.
Bitcoin price plunges more than 3% to a 24-hour low of $62,258 amid continued selling pressure and uncertainty. Traders eye BTC price to slip below $61,000, the support level it hit in April and May as well. BTC spot and derivatives traders look extremely bearish due to a focus on U.S. PCE inflation data and monthly options expiry.
Ethereum price also tumbled 4% in the last 24 hours, making the monthly drop to over 10%. ETH price is currently trading at $3,366 with a trading volume rising 73% as investors liquidated their holdings.
Altcoins such as Solana, XRP, Toncoin, Dogecoin, Cardano, and Shiba Inu tumbled 3-6% in the last 24 hours. Meme coins and AI coins are witnessing massive selloff, leading to correction in the crypto market. dogwifhat (WIF) leads with a 14% fall in the past 24 hours.
Crypto Market Nears Crash As Traders Brace For Macro Events
Coinglass data indicates the popular cryptocurrencies recorded a liquidation of $170 million today, with $127 million liquidated in the last 12 hours. Over 70k traders were liquidated, with the largest single liquidation order happened on crypto exchange BitMEX after a whale sold XBTUSD valued at $10 million.
Over $80 million in long positions in BTC, ETH, SOL, DOGE, NOT, ORDI, PEOPLE, WIF, PEPE in the last 4 hours due to uncertainty in the market. This has caused the crypto market to bleed today.
A week ago, CoinGape warned about BTC price crash potentially to the $57k level near the month’s end due to key macro events and options expiry. Investors are bracing for both US PCE and monthly options expiry on Friday, expecting a sharp correction before the date as the Fed eyes only single rate cuts this year. Moreover, key macro events such as ISM manufacturing data, Fed Chair Powell speech, the FOMC meeting release, and jobs and unemployment rate data are due in the first week of July.
Over 105K BTC options of notional value $6.72 billion are about to expire on June 28, per the largest derivatives exchange Deribit. With a put-call ratio of 0.52 and the max pain point at $57,000, Bitcoin price is more likely to remain under selling pressure.
Also Read: Big Capital Rotation Into Altcoins to Begin In Two Weeks, Predicts Analyst
Analyst Predicts Bitcoin Price Drop To $50K
Markus Thielen, founder of crypto research company 10x Research, said it’s the time to make tough decisions as BTC price action looks weak amid continuous outflows from spot Bitcoin ETFs. He predicts Bitcoin could crash to $50,000 due to double top pattern formation. The key support level is at $60,000.
#Bitcoin Double Top? Is It Time to Panic? How Low Prices Could Plunge? https://t.co/UOr9cWTisg pic.twitter.com/rtoTDf14E7
— 10x Research (@10x_Research) June 24, 2024
BTC on-chain data and other analysts have also pointed to weaker BTC price action in the coming weeks. The concerns around massive selloffs by dumb money have risen, which could push BTC much lower.
Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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