The cryptocurrency market experienced a sharp downturn over the past 24 hours, with Bitcoin falling to $87,115 before stabilizing at $88,850, representing a 7% decline. Ethereum saw an even deeper drop of 10%, trading at $2,420.
Major altcoins also suffered losses, including Solana down 15%, Dogecoin losing 14%, and Shiba Inu and XRP falling by 10%. The sell-off resulted in $1.48 billion in liquidations, with $1.37 billion coming from long positions, according to data from Coinglass.
Experts attribute the market correction to macroeconomic factors and recent industry shocks, citing geopolitical tensions and rising interest rate concerns as contributing factors. Dr. Sean Dawson, head of research at Derive.xyz, notes that while the market has shown resilience, it’s not the worst seen before.
Analysts point to upcoming catalysts, including Nvidia’s earnings report on Feb. 26 and core PCE inflation data on Feb. 28, which could impact market sentiment. Stella Zlatareva, Nexo Dispatch editor, predicts a prolonged consolidation phase for the crypto market amid evolving inflation and trade policies.
Despite uncertainty, some analysts see opportunities in the downturn for long-term investors. With high volatility remaining, investors may find value in stocks with potential major breakouts, identified by a system that spotted Insmed, Sprouts, and Uber before their 20%+ gains.
Source: https://www.benzinga.com/markets/cryptocurrency/25/02/43937601/bitcoin-down-7-ethereum-xrp-dogecoin-shiba-inu-plunge-over-10-as-148-billion-liquidation-tsunami-hits