Cryptocurrency Market Faces Heavy Selling Pressure, $650 Million Liquidated in a Day

New York - Park Jae-hyung, Foreign Correspondent: The cryptocurrency market has been engulfed by significant selling pressure, leading to over $650 million in liquidations within a single day.

On the 10th (local time), according to Crypto-Economy, the decline in Bitcoin has sent shockwaves through the entire cryptocurrency market. Ethereum (ETH), in particular, experienced liquidations amounting to $118 million and is currently trading around the $2,100 mark.

Major Altcoins Hit Hard

Key altcoins have also suffered substantial impacts.

Macroeconomic Uncertainty and Bitcoin ETF Inflows Decrease

Several macroeconomic factors appear to have contributed to this sharp downturn.

Geopolitical Tensions: Rising global uncertainties are exacerbating the volatility in the cryptocurrency market.

U.S. Economic Data Release: Recently disclosed U.S. economic indicators have shown stronger-than-expected results, increasing the likelihood that the Federal Reserve will maintain its high-interest-rate policy for an extended period. This has heightened risk-aversion sentiment in the market.

Decrease in Bitcoin ETF Inflows: The fund inflows into Bitcoin ETFs have decreased by 48% compared to the 14-day average, adding to the selling pressure in the market.

Bitcoin Dropping to $78,000?

As the cryptocurrency market navigates through uncertainty, industry experts are closely monitoring Bitcoin's future movements. Former BitMEX CEO Arthur Hayes has projected that Bitcoin could fall to $78,000, identifying the key support level at $75,000.

If Bitcoin drops to the $70,000-$75,000 range, market volatility could further increase. While the short-term price movements remain difficult to predict, some investors continue to anticipate long-term upward potential.