Over $100B Vanishes, $720M Gets Rekt: Crypto's Bad Hair Day Hits Bitcoin, ETH, XRP, HYPE 🪦

A wave of selling erased more than $100 billion in crypto market capitalization within hours, as over $720 million in leveraged positions were liquidated across Bitcoin ($BTC), Ethereum ($ETH), XRP, Solana ($SOL), Hyperliquid ($HYPE), Zcash ($ZEC), SpaceChainX (SPCX), and other top altcoins over the past 24 hours. Roughly 145,000 traders were liquidated during the cascade, with AI-linked tokens leading the downside.

Bitcoin fell below the key 200-week moving average at $62,000, while Ethereum dropped 5% to below $1,650. XRP, BNB, Solana, Cardano ($ADA), Dogecoin ($DOGE), Hyperliquid, and Zcash declined between 3% and 7%. The overall crypto market slipped nearly 4%, pushing the Crypto Market Fear & Greed Index to 23, indicating extreme fear.

The selloff extended beyond digital assets. South Korea's KOSPI index dropped nearly 10%, and the NASDAQ 100 fell close to 2.60% in pre-market trading. Crypto-related equities also declined, with Strategy (MSTR) falling below $100 amid selling speculation. Market participants cited institutional outflows, mounting concerns over AI-related capital expenditure, and a hawkish outlook on the US Federal Reserve as contributors to the risk-off tone.

Reports also pointed to recent executive orders on quantum computing as a factor weighing on tech and crypto sentiment. Prediction markets have since reflected rising odds of $BTC falling below $50,000. Across the broader market, analysts continue to monitor positioning and liquidity conditions as traders assess whether further downside lies ahead.