Leading cryptocurrencies fell further on Wednesday, while gold and silver held steady, as risk-off sentiment dominated the market.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:35 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -4.95% | $72,795.65 |
| Ethereum (CRYPTO: ETH) |
-5.04% | $2,160.32 |
| XRP (CRYPTO: XRP) | -6.90% | $1.48 |
| Solana (CRYPTO: SOL) | -7.17% | $92.30 |
| Dogecoin (CRYPTO: DOGE) | -3.38% | $0.1041 |
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.
Shares of cryptocurrency-related companies Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed down 3.13% and 9.17%, respectively.
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)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:35 p.m. ET) |
| Hyperliquid (HYPE) | +3.86% | $34.73 |
| Rain (RAIN) | +2.19% | $0.009343 |
| Bitcoin Cash (BCH ) | +0.37% | $538.34 |
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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