🔥📉#alert Crypto Market Selloff: Key Factors behind rapid fall🥵🔥
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1. Market Capitalization Drop:
- Fell from $2.35 trillion to $2.26 trillion in 24 hours.
- $160 billion in net wealth lost over the week.
2. Bitcoin (BTC) Price Decline:
- Dropped over 3% to $62,258.
- Potential decline to $57,000 due to PCE inflation data and options expiry.
3. Ethereum (ETH) Price Decline:
- Fell 4% in 24 hours, now at $3,366.
- Over 10% monthly drop.
4. **Altcoins Impacted**:
- Solana, XRP, Toncoin, Dogecoin, Cardano, Shiba Inu dropped 3-6%.
- Meme coins like Dogwifhat (WIF) fell 14%.
5. Macro Events:
- U.S. PCE inflation data and options expiry on June 28.
- Key macro events in early July (ISM data, Fed speech, FOMC release, jobs data).
6. Market Liquidations:
- $170 million liquidated in 24 hours, $127 million in the last 12 hours.
- Largest liquidation: $10 million XBTUSD on BitMEX.
7. Analysts' Predictions:
- Bitcoin could drop to $50,000 (double top pattern).
- Key support at $60,000.
8. Investor Sentiment:
- Fear and greed index dropped from 76 (extreme greed) to 51 (neutral).
9. Bitcoin Options Data:
- 105K BTC options worth $6.72 billion expiring June 28.
- Put-call ratio at 0.52, max pain point at $57,000.
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