The crypto market sold off sharply over the last 24 hours, with total market capitalization falling to $2.97 trillion, down 3% in a day. Bitcoin dropped to about $82,258, a 7.24% decline, while Ethereum fell to roughly $2,735, down 8.73%. The weakness spread across major tokens: BNB lost 6.08%, Solana slipped 7.89%, and CAKE fell 9%. The breadth of the move points to a broad selloff rather than stress tied to one project.
Selloff in gold and silver added to the pressure
The article links the drop in crypto to a wider liquidity shock outside the digital asset market. Gold and silver both saw heavy selling, an unusual move for assets often treated as defensive. On a 15-minute chart, silver fell from the 118-120 range to near 104, erasing weeks of gains within minutes, while its RSI moved into the low 30s. Gold also dropped hard, sliding from above 5,500 to near 5,100, with MACD showing a sharp negative expansion.
According to the report, gold and silver together erased more than $3.75 trillion in value. US equities added to the strain, with the S&P 500 and Nasdaq losing more than $1.5 trillion intraday. Once capital started leaving both defensive and risk assets at the same time, crypto came under the same pressure.
Liquidations turned the decline into a fast cascade
After prices broke lower, leveraged positions were flushed out quickly. In the last 24 hours, $1.72 billion in positions were liquidated across the market, affecting 274,442 traders. Long positions absorbed most of the damage, with more than $1.60 billion wiped out. That suggests traders had been heavily positioned for upside before the move reversed.
By asset, Bitcoin accounted for $786.5 million in liquidations and Ethereum for $422.7 million. XRP, Solana, and other altcoins also saw forced exits. In a leveraged market, falling prices trigger liquidations, and those liquidations push prices down again. The speed of the move reflected that cycle.
Attention shifts to the next few days
The source frames the decline as a liquidity-driven event rather than a crypto-only breakdown. It says volatility could persist for 3 to 4 days as markets absorb the shock. It also mentions a market structure bill expected to be signed at 11:00 AM ET the same day. The bill is described as an effort to reduce manipulation and improve regulatory clarity, factors the report says could help calm sentiment if markets respond positively.