Bitcoin, Ethereum, and Shiba Inu Plummet Amidst Market Turmoil

In the past 24 hours there has been a significant liquidation of Bitcoin which has led to a massive sell-off which has caused the price to fall below $50,000 and below the critical $60,000 mark.

Bitcoin price fell drastically on Monday as a massive crypto liquidation triggered a sell-off wave, while broader market cues also pointed to a bearish outlook for the pioneer digital token.

After the crypto market saw over $1 billion in liquidations, a follow-on effect led to a sell-off that brought Bitcoin price below the critical $60,000 mark and saw it trading below $50,000. The selling pressure was evident on the 1-hour chart, where a strong selling volume pushed the price down.

After the sharp price drop, Bitcoin price stood at risk of testing the 100 EMA support.

Meanwhile, Binance traders showed resilience as nearly 70% of them were long on Bitcoin, betting on a future surge. However, the sharp drop and high liquidation activity suggested that the overall market sentiment was still pessimistic.

This highlighted the ongoing clash between traditional value stores, such as gold, and Bitcoin.

Moreover, the broader market cues also played a significant role in pulling Bitcoin price down.

As Warren Buffett sold off stocks, including Apple, and kept a record $277 billion in cash, the markets were in a state of panic. The NASDAQ’s nearly 6.5% decline and the biggest drop in Japanese stock in over eight years created a perfect storm for Bitcoin.

Ethereum price fell sharply on Monday, posing its own challenges while also reflecting the steep decline in Bitcoin price.

Over the past day, the price of ETH fell drastically, breaking through key support levels and causing great concern among investors.

The chart showed ETH price trading at around $2,356 after a substantial drop, which was largely attributed to institutional selling pressure.

Ethereum price was not spared from the recent crypto liquidation of over $1 billion in the market. The large-scale sell-off triggered a chain reaction of sell orders, snowballing the downward momentum.

Like Bitcoin price, ETH price had the 200 EMA in focus as it tested crucial support levels. If this level were to be breached, further drops could be on the horizon, leading to potential更大 losses.

The institutional selling of ETH was evident in the markets’ sharp decline. As shown by the liquidation heatmaps and on-chain data, large holders appeared to be selling heavily.

This institutional sell-off, coupled with the massive $1 billion crypto liquidation in the market, served as a key factor behind Ethereum’s current drop.

Moreover, the broader market cues also contributed to Ethereum’s decline.

As Warren Buffett's massive cash holdings and stock sell-offs sparked concerns, and the NASDAQ fell by 6.5%, while Japanese stock witnessed the biggest drop in over eight years, a ripple effect was felt throughout the crypto market.

Shiba Inu price experienced a steep decline on Monday, dropping from around $0.00002 to $0.000012. This sharp decrease in value raised concerns among investors, hinting at potential troubles for the cryptocurrency.

As shown on the chart, a downtrend was evident with SHIB breaking below crucial support levels. From its peak earlier this year, the price dropped by 65%, indicating clear difficulties.

Moreover, pressure mounted as the memecoin price approached the critical support zone of $0.00001.

If this support level were to be breached, further drops could follow, potentially adding another zero to its value, signaling a bearish outlook for investors.

The picture was equally bleak when considering on-chain metrics. Among whales, a volume of around 1.5 trillion was transacted over the past 24 hours, which fell short of the regular transacted volume among large wallets, indicating a lack of buying or selling power.

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