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The crypto market is crashing today as fear spreads quickly among investors. After, the global crypto market cap dropped to $2.23 trillion, falling more than 4% in just 24 hours.
Bitcoin is leading the crash as the Fear and Greed Index has dropped to 14, showing extreme fear.
So, here are the top 4 reasons why crypto market is crashing today.
Bitdeer’s Bitcoin Sale Led Crypto Market Crash
One major reason behind today’s crypto market crash is the sudden decision by Bitcoin mining company Bitdeer to sell its entire Bitcoin holdings. The company sold 943 Bitcoin from its reserves along with newly mined coins. After this sale, Bitdeer now holds zero Bitcoin.
When a large mining company sells all its Bitcoin, it sends a negative signal to the market.
Selling pressure increased after Bitcoin fell below the key $66,000 support level. This triggered panic and pushed long liquidations sharply higher to $433.65 million.
Altcoins See Bigger Losses
The world’s largest cryptocurrency fell nearly 5% and slipped to around $64,375. Once Bitcoin started falling, the rest of the market followed.
Altcoins suffered heavier losses than Bitcoin. Ethereum fell 5.5% and dropped below $1,870, while Solana declined to around $77. XRP also dropped, falling to $1.34.
Other major altcoins like TRON, Chainlink, Cardano, and Dogecoin recorded bigger losses, falling between 6% and 10%, showing strong selling pressure across the altcoin market.