The crypto market is reeling under losses as Bitcoin’s price fall continues to deepen now that the asset has slid to what the analysts had been calling its crucial support zone. On Tuesday, December 16 the asset reflected a loss of five percent on international exchanges. At the time of writing, BTC was trading at $85,915 and was showing rapid fluctuations indicating volatility.
Ether joined BTC on the loss-side of the crypto chart. Having registered a loss of nearly four percent in the last 24 hours, the asset is presently trading at $2,890, data by CoinMarketCap showed.
Akshat Siddhant, Lead Quant Analyst at the Mudrex exchange told Coin Headlines that, “the pullback has been driven by short-term whale profit-taking of nearly $2.78 billion and rising expectations of a Bank of Japan rate hike, which has pressured risk assets. Despite this, the broader outlook remains constructive.”
A majority of crypto assets that have dropped in prices over the last day. BNB, XRP, Solana, Tron, Dogecoin, Cardano, Bitcoin Cash, Hyperliquid, and Chainlink for instance, clocked losses within the range of four percent and nine percent. Zcash, on the other hand, only dipped by two percent despite the market slowdown.
The overall crypto market cap has also fallen under the $3 trillion mark in the last 24 hours after seeing a loss of 4.28 percent. At present, the valuation of the crypto market stands at $2.93 trillion. The fear and index score of 21 reflects fear among investors.
Market analysts say that the crypto market is presently at a pivotal stage, led by Bitcoin trading below major resistance and keeping sentiment cautious.
“Until BTC breaks higher, moves across altcoins are likely range-bound. XRP is consolidating around $2.20–$2.40, holding structure but needing a breakout to regain momentum. Solana (SOL) trades near $120–$135, still relatively strong, though rallies face selling pressure unless support firmly holds. Cardano (ADA) lags, hovering around $0.45–$0.55, with limited upside unless trend strength improves. Overall, volatility stays elevated,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin told Coin Headlines.
Over $234.67 million have been liquidated from the ETH ecosystem in the last 24 hours meanwhile $183.69 million have been funneled from the BTC network. A total of 188,487 traders have been liquidated over the last day and the total liquidated amount touched $654.44 million, as per CoinGlass.