Bitcoin is experiencing one of the worst trading sessions in history.
- Yesterday, according to data from CoinDesk, the largest cryptocurrency in the world fell straight to the 63,000 USD range during the afternoon session (U.S. time), marking a decline of over 10% in just 24 hours. This is the sharpest drop since November 2022 – the time of the FTX disaster when BTC 'evaporated' by more than 14% in just one day.
- Not just crypto: the wave of sell-offs is spreading across the financial markets. Silver plummeted 14%, down over 40% from last week's peak. Gold dropped more than 2%. The technology and software stock group also weakened as the IGV ETF lost 24% since the beginning of the year, while the S&P 500 and Nasdaq both saw significant declines.
- Cryptocurrency-related stocks such as Coinbase, Galaxy, MicroStrategy, and mining companies also dropped over 10%
According to Adrian Fritz – strategist at 21Shares
"A key factor is very low liquidity,"
Notably, he believes that the market has not yet hit the bottom. The next important support zone is around $58,000–$60,000 – an area that could determine whether Bitcoin maintains its upward structure or enters a deeper downtrend.
↪️The altcoins are heavily devastated
Nearly all prices of cryptocurrencies in the CoinDesk index, including major tokens and memecoins, have dropped more than 10% in the past 24 hours.
XRP, down 19% in the same 24-hour period, has performed worse than most other large-cap cryptocurrencies.
Although Fritz believes there are no specific factors adding pressure on the tokens, he said that "technically, XRP doesn't have much support."
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