BTC, ETH Hit New Lows as Crypto Market Crashes to $2.4trn
Bitcoin (BTC) and Ethereum (ETH) are trading at new lows across the crypto market as the global market capitalisation of all digital assets plunged to $2.4 trillion on Thursday.
BTC hovers at $70.698k, and ETH is trading below $2.1K. BNB has dropped to $689, and XRP has been repriced lower to $1.36. Solana, Cardano, and Dogecoin are also bleeding.
At the time of writing, the overall crypto market is down 5.6% in the last 24 hours, primarily driven by a U.S. policy shock and institutional deleveraging.
Price movement shows a strong correlation with the S&P 500 and Gold, indicating a synchronized macro-driven move. According to crypto analysts, U.S. Treasury’s no-bailout stance triggered a forced unwind of leveraged institutional positions, particularly in Bitcoin.
Transactions have also been influenced by extreme fear sentiment and technical breakdowns across major assets amplified the sell-off.
If Bitcoin holds the $70K–$72K support zone, a relief bounce toward $78K is possible; analysts said, hint that a break below risks a flush toward $63.8K, especially if today’s U.S. jobless claims data disappoints.
The market reacted sharply to comments from expected Treasury Secretary Scott Bessent, who stated the U.S. government would not bail out the crypto sector.
This removed a perceived safety net, prompting a rapid deleveraging of large-scale Bitcoin treasury positions, evidenced by $415 million in BTC liquidations, up by +61% in 24h.
This signaled that Institutional confidence was shaken, leading to a cascade of selling from leveraged entities. The sell-off became self-reinforcing as retail fear met institutional selling pressure.
The immediate trigger is today’s U.S. Initial Jobless Claims data release. A weak number could fuel further macro-driven selling. The key technical level for the total market is the $2.43 trillion pivot point; holding above it could lead to consolidation between $2.43 trillion and $2.62 trillion.
Crypto analysts said the market’s next move is contingent on macro data and Bitcoin’s ability to defend the $70K psychological support. Tinubu’s Reforms Now Global Reference Point — World Bank
