- As the global crypto market value drops by nearly 1.50% to $1.07 trillion, the crypto market witnesses a significant sell-off amid uncertainty.
- Bitcoin’s price has dropped from $28,000 to $27,500 in the last 24 hours. BTC is currently trading at $27,470, with a $50 million long position liquidation occurring in just one hour.
- The increased geopolitical risk in the Middle East due to the Israel-Hamas conflict is driving up WTI and Brent oil prices, leading global stock indices to turn red.
Bitcoin price faces challenges as it is suppressed by increasing Geopolitical risk and Oil prices; US Dollar index is gaining strength!
Bitcoin and Crypto Face Intense Selling Pressure
As the global crypto market value drops by nearly 1.50% to $1.07 trillion, the crypto market witnesses a significant sell-off amid uncertainty. While Bitcoin remains steady, altcoins such as Ethereum (ETH), XRP, Solana (SOL), DOGE, and SHIB are experiencing substantial sales within a few minutes. The Fear and Greed Index dropped from 47 to 45 in just an hour.
Bitcoin’s price has dropped from $28,000 to $27,500 in the last 24 hours. BTC is currently trading at $27,470, with a $50 million long position liquidation occurring in just one hour, totaling $90 million in liquidations over the last 24 hours. BTC recorded almost $19 million in liquidations.
Ethereum fell below $1,600 due to the Ethereum Foundation’s ETH sale, worsening the upside potential. ETH has dropped by over 1% in one hour and nearly 2% in the last 24 hours, currently trading at $1,589, with the 24-hour low and high values at $1,638 and $1,591, respectively.
Bitcoin Cash (BCH) leads the sales pressure with a 4% hourly decrease. Other altcoins such as XRP, SOL, DOGE, SHIB, and ADA have dropped by nearly 2% hourly and experienced a 5% drop in the last 24 hours.
Coinglass data indicates a significant liquidation of $90 million today, October 9th. Over 38,000 traders faced liquidations in the last 24 hours, with Bybit’s largest single liquidation order worth $3.11 million. Due to selling pressure, the overall crypto market is “red” today.
On the other hand, digital asset investment products saw $78 million in inflows for the second consecutive week following a six-week exit. Solana recorded its largest weekly inflow since March 2022, with $24 million.
Popular analyst Michael van de Poppe predicts that Bitcoin will continue to maintain high lows above $27,500 despite weakening and that there could be further corrections in altcoins.
Main Reason: Macro Factors!
The increased geopolitical risk in the Middle East due to the Israel-Hamas conflict is driving up WTI and Brent oil prices, leading global stock indices to turn red. Investors are anticipating the potential acceleration of inflation and its impact on the global monetary policy trajectory. Brent Crude Oil is currently trading at $87.69, with oil prices surging by 4% today.
US futures dropped by more than 0.50%, depending on the S&P 500, Dow Jones, and Nasdaq 100. European and Asian markets also faced pressure due to the rally in oil prices. Meanwhile, the US Dollar Index (DXY) rising above 106.50 tends to exert more pressure on BTC prices.
