Leading cryptocurrencies fell further on Wednesday, while gold and silver held steady, as risk-off sentiment dominated the market.

Crypto Market Bleeds

Bitcoin dipped under $72,000, now just 4% from its previous bull-cycle peak of $69,700. Ethereum slid below $2,100 for the first time since May 2025, with XRP and Dogecoin also coming under pressure amid the broader rout.

Over $620 million was liquidated from the market in the last 24 hours, according to Coinglass, with $490 million in levered longs wiped out.

Bitcoin's open interest plunged 5.32% to $48.41 billion, although Bitcoin derivatives traders remained optimistic about a rebound, according to the Long/Short Ratio.

The "Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.47 trillion, following a decline of 3.86% over the past 24 hours.

Stocks Also Falter

Major stock indexes dived further on Wednesday. The S&P 500 fell 0.51% to close at 6,882.72, while the tech-focused Nasdaq Composite dipped 1.51% to end at 22,904.58.

The Dow Jones Industrial Average bucked the decline, gaining 260.31 points, or 0.53%, to finish at 49,501.30.

Investors parsed January's weaker-than-expected private employment report, with 22,000 jobs added during the month, well below the 48,000 that economists projected.

Precious metals remained steady, with spot gold trading up 0.29% to $4.974 an ounce, while spot silver up 0.09% to $87.98 per ounce.

Will Bitcoin Sink Below $70,000?

Blockchain analytics firm CryptoQuant noted that Bitcoin's "bear market" is off to a "weaker start" than in 2022, with price plunging 23% since crossing below its 365-day moving average.

"Momentum is deteriorating faster this cycle," CryptoQuant stated.

Michaël van de Poppe, a widely followed cryptocurrency trader and analyst, noted Bitcoin's battle for a higher low, somewhere around $74,500.

"If it holds, that would be a great sign for continuation to $82,000-$84,000. If not, then test at $69,700 is the next level," the analyst forecast.

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