The crypto market slid about 2% today, pulling total capitalization down to $2.61 trillion. Among the top 100 cryptocurrencies, 87 were trading lower. Bitcoin fell to its weakest level since April 2024 and changed hands near $77,324, while Ethereum, XRP, Solana, and Dogecoin also posted sharp losses.
Rate fears return after Fed chair nomination
A major driver behind the move was renewed concern over U.S. interest rates. Market sentiment weakened after U.S. President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. Warsh is widely associated with tighter monetary policy, and that has fueled concern that rates could stay elevated for longer, pressuring risk assets such as Bitcoin.
Political uncertainty added another layer of pressure. The report said investors were also watching the ongoing partial U.S. government shutdown. House Speaker Mike Johnson said the House was working to end the shutdown by today, but the uncertainty itself was enough to keep risk appetite restrained.
Bitcoin and Ethereum ETFs keep bleeding
Fund flows remained a key drag. Bitcoin ETFs recorded nearly $1.5 billion in outflows last week, a sign that large institutions were trimming crypto exposure. The report named BlackRock, Fidelity, and Bitwise among the firms leading withdrawals. Ethereum ETFs also saw close to $460 million in outflows over the same period, adding extra pressure to spot prices.
Liquidations intensify the sell-off
The decline accelerated as leveraged positions were flushed out. In the last 24 hours, more than $800 million in crypto positions were liquidated, with most of the damage concentrated in highly leveraged longs. The single largest liquidation was on Hyperliquid, where a BTC-USD position worth $15.46 million was wiped out.
As forced selling spread, market sentiment deteriorated fast. The Crypto Fear and Greed Index dropped to 15, placing it in the extreme fear zone. That reading points to a market where panic selling and volatility are both elevated.
Traders are watching Bitcoin support closely
On the chart, Bitcoin is hovering near a key support area around $74,500. If that level breaks, the next major downside target mentioned in the report is about $66,530. Veteran trader Peter Brandt also lowered his Bitcoin target from $58,000 to $54,000.
Another trader, Captain Faibik, said Bitcoin has lost the weekly EMA100 for the first time in more than 840 days, calling it a negative signal on higher time frames. For now, traders are closely tracking the $68,000 to $70,000 range.