The crypto market entered a period of price correction right after Bitcoin hit $70,000. On Tuesday, the asset reflected a drop of nearly two percent. At the time of writing, BTC was trading at $68,090 — visibly down from its previous day’s psychologically crucial price point of $70,000.
Market analysts, in conversation with Coin Headlines highlighted that this sharp turn of the crypto market comes ahead of a crucial week of U.S. macroeconomic events. Broader weakness followed, as 85 of the top 100 tokens posted losses.
“The Bitcoin accumulator addresses held over 372,000 BTC, showing steady underlying demand. A strong push and close above $75,000 could lead to bullish momentum and draw in fresh inflows, while the $65,000 level continues to provide a strong base for the market,” said Akshat Siddhant, Lead quant analyst, Mudrex.
Ether joined Bitcoin in seeing losses of upto one percent over the last day. At the time of writing, ETH was trading at $1.980 — again, down from the crucial zone of $2,000 that it had hit last week.
“On-chain data shows accumulation across major assets, anticipating a short squeeze soon. Ether accumulation addresses added more than 2.5 million ETH in February so far,” Siddhant added.
XRP, BNB, USDC, Solana, Tron, Dogecoin, Bitcoin Cash, Cardano, and Hyperliquid registered small losses of under four percent in the last 24 hours.
Chainlink, Canton, Monero, Stellar, Zcash, Hedera, Avalanche, Shiba Inu, Toncoin, and Cronos also settled in price dips within the range of one percent and five percent over the last day.
The loss-ridden price movements of majority altcoins pulled back the crypto market cap by nearly three percent in the last 24 hours. At present, the valuation of the crypto market stands at $2.33 trillion, data by CoinMarketCap showed.
“Broader weakness followed, as 85 of the top 100 tokens posted losses. Ether, XRP and dogecoin dropped more steeply, while privacy coins like Monero and Zcash slid 10 percent and eight percent,” said Sathvik Vishwanath, Co-Founder and CEO, Unocoin. “The sell-off comes despite softer U.S. inflation data, which strengthened expectations for at least two Federal Reserve rate cuts this year. Analysts say risk appetite remains selective and traders are deleveraging.”
LEO managed to rope in a minor profit of nearly three percent over the last day to trade at $8.6. Memecoin (M) reflected a price hike of 17.9 percent to trade at $1.49 at the time of writing.
Over 76,690 traders were liquidated in the last 24 hours with total liquidations hitting $174.4 million, data by CoinGlass showed.