Bitcoin fell sharply to $75,000 on Saturday, marking the 10th largest single-day liquidation in history. Over $1.4 billion in leveraged long positions were wiped out, while Ethereum dropped below $2,400.
The broader crypto market lost more than $100 billion in just five hours, with major tokens including Solana, Dogecoin, and Binance Coin all experiencing double-digit losses. Even traditionally stable gold-backed tokens like XAUT and PAXG slipped 1–1.5%.
Traders are now watching the $80,000–$82,000 zone for Bitcoin to see if buying demand returns. However, weekend selling and rising risk aversion have limited dip-buying so far.
The selloff coincided with escalating geopolitical tensions. An explosion at Iran’s Bandar Abbas port and renewed threats from Iran against Israel spooked markets. Investors reacted by moving away from risk assets, hitting cryptocurrencies hard.
Another factor was Donald Trump’s choice of Kevin Warsh to lead the Federal Reserve. Markets interpreted the pick as a sign of a strong U.S. dollar, which made Bitcoin less attractive as an alternative currency. Ether and Solana fell over 17% during the New York session, adding to the market’s pain.
Crypto exchanges saw high trading volumes despite the losses. Bitcoin’s 24-hour volume reached $54 billion, Ethereum $29.5 billion, and Solana $6.4 billion. However, these volumes could not offset the widespread liquidation pressure.
Institutional positions also suffered. Tom Lee’s Ethereum fund reported an unrealized $6 billion loss, while MicroStrategy’s $MSTR Bitcoin holdings are close to negative territory. Analysts say the combination of market stress, geopolitical events, and dollar strength has weakened crypto’s “safe haven” appeal.
For now, Bitcoin and other cryptocurrencies face an uncertain path. Traders and investors will closely monitor support levels and global developments to gauge whether the market can stabilize or if further declines are likely.
