- Bitcoin (BTC), ETH, SOL, XRP, SHIB prices fell amid fresh signs of weakness, with a crash likely this week as post-halving consolidation continues.
- The crypto market flashes fresh signs of weakness as investors lose $150 billion in the last few days.
- Bitcoin falling on reasons including hawkish Fed remarks, regulatory crackdown, options expiry, and weak patterns.
Bitcoin and other cryptocurrencies face a potential crash this week as the market shows signs of weakness and investors lose $150 billion. Factors contributing to the fall include hawkish Fed remarks, regulatory crackdowns, options expiry, and weak patterns.
Crypto Market Selloff: Bitcoin Price Loses Momentum
The crypto market is showing fresh signs of weakness as investors have lost nearly $150 billion in the last few days. The crypto market cap has tumbled from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins have failed to sustain upside momentum and continue to fall amid a lack of trading volumes in spot and derivatives markets.
Market Trend Change Amid Macroeconomic Concerns
The Crypto Fear & Greed Index revealed a shift in trend and sentiments since May 6. The index dropped from 71 to 64 in three days, with technical charts looking weak. Bitcoin price tumbled below $62,000 in US hours as traders booked profits or liquidated long positions. BTC price has dropped over 5% this week, with over 1% fall today, May 8. Trading volume has dipped further in the last 24 hours.
Crypto Market Liquidation
Coinglass data shows more than $400 million were liquidated across the crypto market in the last few days. Of these, $330 million long positions were liquidated and nearly $70 million short positions were liquidated. In the last 24 hours, over 65K traders were liquidated and the largest single liquidation order happened on crypto exchange OKX as someone swapped ETH to USD valued at $3.86 million.
Conclusion
As the crypto market shows signs of weakness, Bitcoin and other cryptocurrencies face a potential crash this week. Factors contributing to the fall include hawkish Fed remarks, regulatory crackdowns, options expiry, and weak patterns. Investors and traders are advised to exercise caution and keep a close eye on market trends and developments.
