CRYPTO CRASH: The Sky is Falling! 🌪️
It appears that the crypto market, led by the illustrious Bitcoin (BTC), has succumbed to a most distressing bout of bearish sentiment. The total crypto market cap has plummeted by a staggering 4.2 percent in the past 24 hours, leaving it hovering about $2.89 trillion on this most inauspicious of Fridays.
And, alas, it seems that Ethereum (ETH) and Ripple Labs’ XRP have not been immune to this crypto carnage, with their prices dropping over 5 percent to trade at about $1,909 and $2.24 respectively at the time of this writing. The consequences of this sudden crypto selloff have been dire, with more than $336 million being liquidated from the leveraged crypto market, largely at the expense of long-suffering traders.
Major Forces Behind Crypto Dump Today
Declining Futures Open Interest
It appears that the total Open Interest (OI) for the crypto market has suffered a decline of around 2.57 percent in the past 24 hours, leaving it hovering about $109 billion at the time of this writing. Ripple’s XRP, in particular, has experienced a decline of about 3.21 percent in its OI, leaving it hovering around $3.92 billion on this most dismal of Fridays.
The Ethereum market, too, has recorded a decline of 3.58 percent in its OI during the past 24 hours, leaving it hovering about $22.37 billion. Meanwhile, Bitcoin’s OI has declined by around 1 percent in the past 24 hours, leaving it hovering about $56.84 billion at the time of this writing.
Uncertainty Caused By U.S. Led Tariff Wars
As the world teeters on the brink of yet another trade war, the crypto market has been gripped by a sense of uncertainty. The looming implementation of U.S. tariffs on April 2 has sent shockwaves through the market, leaving traders scrambling to protect their investments.
Low Demand from Short-Term Holders Compared to Long-Term Investors
Challenging market conditions continue for digital assets, with #Bitcoin Short-Term Holders finding themselves under increasing financial pressure.
Under the surface, a shift towards Long-Term Holder accumulation appears ongoing, with wealth now transferring back towards price…
— glassnode (@glassnode) March 26, 2025
According to market data analysis from Glassnode, short-term crypto investors have been offloading their holdings with reckless abandon, while long-term investors have been gradually accumulating. The overall demand for stablecoins has gradually increased as investors scramble to protect their capital from devaluation amid ongoing bearish sentiment.
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2025-03-28 11:22