Zinger Key Points
- The global crypto market cap plunges by 7.2%, now sitting at $2.87 trillion amid broader economic uncertainty.
- Traders predict a consolidation phase before another potential drop for Bitcoin, with this week’s close seen as critical.
- Get real-time earnings alerts before the market moves and access expert analysis that uncovers hidden opportunities in the post-earnings chaos.
The cryptocurrency market plunged on Tuesday, with Bitcoin BTC/USD slipping below $88,000 and the global market cap retreating below the $3 trillion mark.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $87,679.28 | -6.9% |
| Ethereum ETH/USD | $2,463.78 | -7.2% |
| Solana SOL/USD | $143.94 | -4.9% |
| XRP XRP/USD | $2.25 | -6.7% |
| Dogecoin DOGE/USD | $0.2079 | -6.8% |
| Shiba Inu SHIB/USD | $0.00001396 | -2.3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 52% and daily active addresses growing by 38.5%. Transactions greater than $100,000 are up from 6,703 to 10.858 in a single day. Exchanges netflows are up by 183.7%.
- Coinglass data reports 387,391 traders were liquidated in the past 24 hours for $1.60 billion. Long liquidations of $933.4 million are at the highest level since Feb.3.
- Crypto chart analyst Ali Martinez highlighted that the number of new Bitcoin addresses created per day has dropped to 240,534, the lowest level since July 2024.
Notable Developments:
- SEC Drops Another Case: Uniswap Investigation Concludes Without Enforcement
- Bitcoin Plunges Below $88,000: What Is Going On?
- Citadel Securities Moves Into Crypto Market-Making Following Trump’s Crypto-Friendly Regulation Push (CORRECTED)
- Bitcoin-Friendly Vivek Ramaswamy Announces Bid For Ohio Governor, Trump Offers Total Endorsement: ‘Young, Strong, And Smart’
- ‘Liquidity Is Disappearing’: Bitcoin’s Downturn Spells Doom For Altcoins, Analyst Warns
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Story IP/USD | $5.89 | +26.2% |
| Celestia TIA/USD | $3.66 | +9.1% |
| Quant QNT/USD | $96.41 | +8.9% |
Trader Notes: Ali Martinez compares Bitcoin's current price action to the 2021 market top, warning that if the pattern holds, BTC could enter a consolidation phase before another leg down.
Michael van de Poppe points out Bitcoin's recent dip, emphasizing that a close above $87,000 with strong altcoin performance could signal a market rebound. He notes that peak negative sentiment often aligns with market bottoms.
Roman Trading views this week's Bitcoin close as crucial, warning that a break below key support could send BTC towards $70,000, while a range between $89,000-$78,000 remains possible.
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