#bitcoin☀️ Price Crash: $BTC Price Drops To $52K Amid Stock Market Crash
Crypto Market Cap Drops Below $2 Trillion Amid Broad Selloff
The total cryptocurrency market capitalization fell below $2 trillion for the first time since the bullish breakout in February. Bitcoin's (BTC) price plummeted over 10% in the last 24 hours, trading around $54,425 during the early Asian session on Monday. The altcoin sector, led by Ethereum ($ETH ), Solana (SOL), $BNB , and XRP, experienced double-digit percentage losses.
As a result, the crypto market saw over $808 million in liquidations in the past 24 hours, primarily affecting long traders.
Ethereum Leads in Crypto Liquidations
Ethereum topped the list of crypto liquidations, with nearly $300 million wiped out in the past 24 hours, while Bitcoin accounted for approximately $239 million in liquidations.
Bitcoin Joins Stock Market Capitulation
Following significant sell-offs in major stock indexes on Friday, fears of further capitulation spread to the crypto market. Legendary stock market trader Warren Buffett sold a substantial portion of his Apple Inc. holdings & now holds $277 billion in cash.
Japan's Topix & Nikkei indexes dropped over 20% from their July peaks, signaling additional market strains.
Consequently, Bitcoin's fear & greed index fell to 26%—indicating fear—down from 74%—greed—last week. Additionally, US-based spot Bitcoin ETFs recorded a net cash outflow of around $237 million on Friday.
What’s Next?
Amid the ongoing crypto capitulation, Bitcoin's dominance surged to approximately 57.79%, the highest level since May 2021. Market analysts suggest that the crypto capitulation may persist over the next two months before a potential rebound in the fourth quarter.
From a technical perspective, Bitcoin's price could further decline to the support range between $47,000 and $50,000 in the coming weeks. Additionally, the Relative Strength Index (RSI) on Bitcoin’s weekly timeframe has consistently closed below the 50% level, indicating more downside potential ahead.
Source - coinpedia.org
