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Why is the crypto market down today? The cryptocurrency market is flashing red today, with the total market capitalization dropping by 2% to about $3.13 trillion on Feb. 18. While the crypto market is known for its volatility, several concrete factors have contributed to this latest dip, including: Liquidations across the crypto market pulling down crypto prices. Investors are in risk-off mode amid high outflows from crypto investment products. Weakening market technicals hint at further downside. Solana leads market slump Today’s crypto market decline is part of a correction that started on Feb. 15, when the Argentina President Javier Milei-endorsed LIBRA token was “rug-pulled,” causing a loss of investor funds.  The sell-off continues on Feb. 18, including: Solana leads the market downturn, 9% over the last 24 hours to trade just below $170. Bitcoin and Ether posted moderate losses, down 0.5% and 2%, respectively. Other top-cap cryptocurrencies such as XRP , Dogecoin , and Bina Chain’s are also down 3.3%, 4% and 2%, respectively. Compounding the issue are the significant liquidations in the crypto market.  The sell-off has triggered a cascade of leveraged position closures, with over $280 million in crypto liquidations recorded over the last 24 hours.   Long SOL leveraged positions totaling $29.75 million were also liquidated on the day.  This exceeds the $21.4 million in long BTC leveraged position liquidations. Over 128,350 traders were liquidated in the past day, with the largest single liquidations taking place on HTX involving an ETH/USDT trade worth $2.65 million. A predominance of long liquidations suggests that the crypto market was overleveraged on the bullish side. Investors de-risk from crypto investment funds The crypto market’s ongoing correction aligns with the huge capital flows from the crypto investment products.  Key takeaways: Digital asset investment products ended a 19-week inflow streak to post their first significant outflows totaling $415 million during the week ending Feb. 14, as per CoinShares report. This indicates institutional investors increased their exposure to digital assets. Bitcoin bore the brunt of investor outflows, totaling $430 million. The year-to-date inflows dropped from $7.4 billion previously to $6.9 billion last week. CoinShares head of research James Butterfill attributed this to de-risking sentiment surrounding the latest US Consumer Price Index (CPI) data and “hawkish Fed rhetoric.” “We believe these outflows were triggered by the Congressional meeting with Fed Chair Jerome Powell, who signaled a more hawkish monetary policy stance, coupled with US inflation data exceeding expectations.” Note that: The CPI data for January came in higher than expected. This significantly dampened the expectation for multiple rate cuts in 2025.  The odds of the Fed keeping interest rates unchanged at the March 19 FOMC meetings are now at 97.5%. The earliest possible rate cut is expected in July, but the odds are still at just 44.3%. Crypto market faces stiff resistance Today’s drawdown in crypto prices has seen TOTAL—the combined market capitalization of all cryptocurrencies—is part of a correction that started on Jan. 31, which saw the price flip a key support zone into resistance. Key points to note: TOTAL trades below a key resistance level of $3.3 trillion, where 50-day and 100-day simple moving averages (SMAs) appear to converge. The relative strength index (RSI) has dropped from overbought conditions at 75 on Jan. 17 to the current level at 40.  This suggests that the market conditions still favor the downside. Further, selling could see the crypto market likely drop toward the $3.03 trillion support. Note that this has been a key support for TOTAL since Feb. 6. Contrarily, a resurgence in buying pressure could push the crypto market cap back above the $3.2 trillion mark or higher to confront resistance from $3.3 trillion. According to popular analyst Crypto Zone, ”the crypto market is experiencing a cautious mood,” with the Fear and Greed Index sitting at 35. The analyst added: “This suggests investors are cautious, but it could also present a buying opportunity for those looking to enter the market.” $BTC

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The cryptocurrency market has experienced a dramatic shake-up, with over $2.24 billion in liquidations occurring within just 24 hours. This massive event affected more than 730,000 traders, marking one of the most significant liquidation events in recent months. The turbulence was triggered by a combination of factors, including market speculation, overleveraged trading positions, and heightened geopolitical tensions following former U.S. President Donald Trump’s announcement of new tariffs on China, Canada, and Mexico. Massive Liquidations: A Breakdown ----------------------------------- According to data from leading market analytics platforms, Ether (ETH) was the hardest hit, with liquidations surpassing $609.9 million from both long and short positions. This highlights Ethereum's high volatility, even as it remains the second-largest cryptocurrency by market capitalization. Exchanges played a critical role in this liquidation wave. Binance, the world’s largest cryptocurrency exchange, led the liquidation tally, accounting for 36.8% of the total due to its extensive user base and high leverage offerings. Other exchanges, including OKX, Bybit, Gate.io, and HTX, also recorded massive liquidation volumes. One of the key trends observed was the overwhelming dominance of long position liquidations, which made up $1.88 billion (84%) of the total liquidations. This suggests that a large number of traders were betting on further price increases, only to be caught off guard by the market downturn. Bitcoin and Ethereum Hit Hard ----------------------------------- The market-wide sell-off saw Bitcoin ( $BTC ) plummet to a three-week low, trading at around $94,476.18 at its lowest point. This drop was particularly notable as Bitcoin had recently been on a strong upward trend. Meanwhile, Ethereum ( $ETH ) experienced an even more dramatic decline, falling by 24% to $2,494.33. The sharp drop in ETH prices led to cascading liquidations, forcing many leveraged traders out of their positions. Other altcoins also suffered significant losses, with many experiencing double-digit percentage declines within hours. The Trump Tariff Effect on Crypto ----------------------------------- While technical market factors played a role, a major catalyst for the crash was Donald Trump's announcement of new tariffs on imports from China, Canada, and Mexico. Historically, increased tariffs and trade tensions have had a negative impact on risk assets, including cryptocurrencies. Investors tend to move away from speculative assets like Bitcoin and Ethereum during times of geopolitical uncertainty, opting instead for safe-haven assets such as gold and the U.S. dollar. This latest tariff announcement comes at a time when the global economy is already facing inflationary pressures and recession fears. The impact of the tariffs could further strain international trade relationships, adding another layer of uncertainty to financial markets. Comparisons to Previous Market Crashes ----------------------------------- The scale of this liquidation event has drawn comparisons to past crypto market crashes, including: 1. The FTX Collapse (November 2022) – When FTX, one of the largest crypto exchanges, went bankrupt, the market saw billions in liquidations as investors panicked. 2. The COVID-19 Crash (March 2020) – During the early days of the pandemic, the crypto market saw a massive drop, with Bitcoin losing over 50% of its value in a matter of days. 3. China’s Crypto Ban (2021) – When China officially banned cryptocurrency trading, the market experienced a major downturn, with billions in liquidations. Each of these events led to significant losses, but they also paved the way for future recoveries. The question now is whether the market will quickly rebound from this latest downturn or if further declines are ahead. Investor Sentiment: Fear Dominates ----------------------------------- Investor sentiment has shifted sharply towards fear, as indicated by the Crypto Fear & Greed Index, which has dropped significantly. In times of extreme fear, many traders become hesitant to enter the market, leading to lower trading volumes and increased volatility. However, some experienced investors view extreme fear as a potential buying opportunity. Historically, bear markets have provided smart investors with chances to accumulate assets at discounted prices before the next bull run. What’s Next for the Crypto Market? ----------------------------------- 1. Short-Term Volatility Expected – Given the magnitude of the liquidations, the market is likely to remain volatile in the coming days. Traders should expect sharp price movements as investors react to macroeconomic news. 2. Potential for a Recovery – If historical trends hold, the market could stabilize and even rebound as investors regain confidence. 3. Regulatory Concerns – Governments worldwide are watching the crypto space closely, and events like this may lead to increased discussions about stricter regulations for leveraged trading. For now, traders and investors should exercise caution, manage their risk exposure wisely, and stay informed about global economic developments that could impact the market further. Conclusion ----------------------------------- The recent $2.24 billion liquidation event has shaken the cryptocurrency market, serving as a harsh reminder of the risks associated with leveraged trading and speculative investments. With Bitcoin and Ethereum suffering major losses, and geopolitical tensions adding to uncertainty, the market remains in a highly unpredictable state. Whether this marks the beginning of a prolonged downtrend or a temporary shakeout remains to be seen. However, one thing is certain: volatility in the crypto market is here to stay.

In the past 24 hours, a total of 254,486 people were liquidated, with a total liquidation amount of US$698 million, mainly long orders of US$651 million. The largest single liquidation occurred in HTX - BTC-USDT, with a value of US$98.4633 million.

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