Haciyev Reşit 
At the start of the new week, the cryptocurrency market opened with sharp declines. Bitcoin (BTC) dropped below $115,000, while Ethereum (ETH) lost the $4,300 support level. This pullback triggered massive liquidations in futures and leveraged trades. In the past 12 hours alone, $500 million worth of positions were liquidated, with the majority coming from long positions.
Sharp Drop in Bitcoin and Ethereum
The downturn was especially evident during the week’s opening.
- Bitcoin (BTC): Price slid to $114,480, falling under the key $115,000 support level. This breakdown has created a cautious sentiment among investors. Analysts warn that if Bitcoin fails to hold this level, lower support zones could be tested in the short term.
- Ethereum (ETH) dropped to $4,285. Despite ongoing activity in the DeFi and NFT ecosystems, this decline deepened as leveraged long positions were liquidated. According to analysts, Ethereum will need strong buying support to reclaim the $4,300 level.
The sharp downturn was not limited to Bitcoin and Ethereum—major altcoins also saw steep losses. At the time of writing:
- XRP: $2.89
- BNB: $1,030
- Solana (SOL): $230
- Dogecoin (DOGE): $0.24
$500 Million Liquidated in 12 Hours
The aggressive sell-off triggered massive losses in leveraged trading:
- A total of $500 million in leveraged positions were liquidated within 12 hours.
- Of this, $470 million came from long positions, while only $30 million were from shorts.
- Ethereum alone saw $183 million liquidated, with $170 million from long ETH trades.
- Bitcoin accounted for $69 million in liquidations.
Gold and Silver on the Rise
While cryptocurrencies faced steep declines, precious metals extended their gains:
- Gold (XAU): After setting a record high at $3,707 per ounce last week, gold hovered again near the $3,700 level this morning.
- Silver (XAG): Continued its strong upward momentum, trading above $43 per ounce.
Markets Await Powell’s Speech
Investor focus is now on U.S. Federal Reserve Chair Jerome Powell, who will speak tomorrow in Providence, Rhode Island, at the Chamber of Commerce, providing fresh insights on the economic outlook.
In the latest FOMC meeting, Powell:
- Highlighted weakness in the labor market,
- Suggested rate cuts could improve the economic outlook,
- But also emphasized the need to closely monitor rising inflation.
Analysts note that Powell’s upcoming remarks could become a key driver for crypto markets and global risk assets in the near term.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.