Altcoin Market in Turmoil as Panic Selling Grips the Market, Ethereum Prices Fall by 10-20% after Bitcoin\'s Plunge to $55,000, Liquidations Hit Record Highs

The altcoin market's panic selling has only intensified as Bitcoin's price plummeted to $55,000. With the loss of the critical support of $3,000

Altcoin markets have seen a wave of panic selling, spurred by Bitcoin's drop to $55,000, leading to a steep fall in Ethereum prices ranging from 10% to 20%. The markets have witnessed record-high liquidations, impacting traders.

Altcoin Markets in Disarray

The panic selling in altcoin markets has only escalated after Bitcoin's price plunged to $55,000. Losing the crucial support of $3,000 has caused the prices of Ethereum and almost all the top ten altcoins to decrease by 10% to 20%.

According to data from Coinglass, a massive shakeup occurred in the crypto market as 221,704 traders were liquidated in the last 24 hours. Binance had the highest single liquidation order on the ETH/USDT trading pair, amounting to $18.48 million.

Heavy Liquidations in Ethereum

Moreover, ETH liquidations have outpaced Bitcoin's on the hourly chart. While Bitcoin saw $34,800 in total ETH liquidations, the last hour saw $44,500 in ETH liquidations out of the total $107 million in 24-hour ETH liquidations. Other altcoins also saw a strong rise in their liquidations.

Reacting poorly to the unfolding events and largely in line with the broader market correction, Ethereum (ETH) price is showing no signs of being affected by the news that a spot Ethereum ETF might be available by the end of July.

Speaking of the ETH market sell-off, one Ethereum developer, Anthony Sassano, highlighted the الكبير السائل overhang and how it might lead to withdrawals from Grayscale's ETHE. Pointing out ETHE trading at a premium after months of being at a discount of less than 2%, Sassano raises questions about investors holding out for the ETF conversion to sell.

Sassano also brought attention to the unpredictability of ETHE's pricing structure after the changeover. To encourage investors in Grayscale's mini-trust, he suggested大幅に削減する or possibly even temporarily eliminating the fee.

The crypto market's steep fall has sparked a lot of FUD (fear, uncertainty, doubt) on different social media platforms. According to on-chain data provider Santiment, references to "sell" have been outnumbering those to "buy" on an hourly basis.

This trend occurred multiple times in the last day, with the ratio of negative to positive comments peaking in 2024.

On the other hand, this climate of pessimism may present an opportunity for bold traders to buy into the market on the other side of the crowd's fury, according to Santiment.

Memecoins Taking the Hit

Out of all the altcoins, the memecoin sector has seen the biggest brunt, with the top memecoins losing 17% to 25% in value. It will be interesting to see when this meme coin enthusiasm finally fizzles out or if these coins manage to bounce back.

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