The crypto market saw another sharp selloff on Saturday, with Bitcoin dropping over 6% and briefly falling below $77,000 before recovering slightly to trade near $78,000. The move extends a brutal multi-day decline that has erased billions from crypto market value and left traders scrambling for support levels.
Read also: Gold Suffers Worst Day in 40 Years, Silver Falls 27%
Major Coins See Deep Losses
Ethereum was hit even harder than Bitcoin, dropping over 13% in 24 hours and briefly losing the $2,300 level before rebounding modestly. It is now trading just above that mark but remains under pressure.
The rest of the market followed suit. BNB is down 8%, XRP lost 10%, and Solana plunged more than 13%, currently holding just above the $100 mark. The total market capitalization of all cryptocurrencies fell over 5% today, now sitting around $2.63 trillion.
Read also: Solana Fights to Stay Above $100 Level After Sharp Drop
$1.8 Billion Liquidated, Sentiment Tanks
The breakdown was amplified by a wave of liquidations. According to CoinGlass, more than $2.4 billion in leveraged long positions were wiped out in the past 24 hours, with the bulk of those concentrated in Bitcoin and Ethereum.
The market’s sentiment has now shifted decisively toward fear. Multiple indexes tracking trader psychology show extreme levels of pessimism not seen in weeks, with some suggesting current conditions resemble previous capitulation phases.
Read also: 6 Reasons Why Crypto Is More Volatile Than Other Assets
Fed Shift, Stronger Dollar, Macro Uncertainty
The selloff comes amid renewed macro pressure. U.S. President Donald Trump’s nomination of Kevin Warsh to lead the Federal Reserve has increased expectations for tighter monetary policy. Warsh is known for supporting higher interest rates and a reduced Fed balance sheet – both of which weigh on speculative assets like cryptocurrencies.
At the same time, a partial U.S. government shutdown and rising geopolitical risks have pushed investors into a risk-off stance, strengthening the dollar and draining liquidity from risk markets.
Institutional flows have also reversed. Spot Bitcoin ETFs saw over $800 million in outflows in the last session, led by BlackRock’s IBIT. These exits, combined with technical breakdowns and aggressive long liquidations, have accelerated the market’s downside move.
Read also: How to recognize a crypto presale scam? Full guide
Key Levels Under Threat
Bitcoin is now trading well below major moving averages and has lost multiple short-term support levels. The $75,000 area is the next potential demand zone. If selling continues, the structure remains vulnerable to further breakdown.
Volatility remains elevated, and conditions are unstable. The crypto market is on edge – with both investors and traders watching closely to see where the next floor might form.
