Leading coins plunged deeper on Tuesday as “Fear” sentiment took over the cryptocurrency market.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.84% | $113,153.74 |
|
Ethereum (CRYPTO: ETH) |
-5.54% | $4,096.60 |
| XRP (CRYPTO: XRP) | -6.43% | $2.87 |
| Solana (CRYPTO: SOL) | -4.03% | $177.68 |
| Dogecoin (CRYPTO: DOGE) | -6.30% | $0.2103 |
‘Greed’ Gives Way To ‘Fear’
Bitcoin sank below $113,000 late afternoon and has since traded in a narrow range.
Outflows from Bitcoin spot exchange-traded funds increased to $523.31 million, according to the analytics dashboard SoSo Value, indicating high selling pressure from institutions.
Ethereum tumbled to an intraday low of $4,070.54 overnight, down nearly 14% from its multi-year highs set last week. XRP and Solana dived 6.43% and 4.03%, respectively, over the last 24 hours.
Bullish traders continued to face the brunt, with over $456 million in long positions evaporating in the last 24 hours.
Bitcoin's open interest fell 1.66% over the last 24 hours. That said, over 60% of top Binance traders with open BTC positions were positioned long.
"Fear" sentiment took over the cryptocurrency market, according to the Crypto Fear & Greed Index, suggesting that selloffs could accelerate.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| MemeCore (M) | +6.09% | $0.4295 |
|
Mantle (MNT) |
+4.89% | $1.35 |
| OKB (OKB) | +2.18% | $125.77 |
The global cryptocurrency market capitalization stood at $3.80 trillion, following a decline of 3.38% in the last 24 hours.
Nvidia, AMD Lead Tech Decline
Major averages edged lower on Tuesday. The S&P 500 slid 0.59% to close at 6,411.37. While the tech-heavy Nasdaq Composite lost 1.46% to end at 21,314.95. The Dow Jones Industrial Average bucked the decline, closing up 0.02% at 44,922.27.
Big ticket chipmakers such as Nvidia Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD) tumbled 3.50% and 5.44%, respectively, accelerating the tech selloffs.
How Long Will The Pullback Last?
On-chain analytics firm CryptoQuant stated that Bitcoin's ongoing weakness mirrored previous cycles, beginning around 480 days after the halving event.
"If the pattern holds, the current pullback may last another 2–4 weeks, with history suggesting a recovery and acceleration to new highs by around Day 510," CryptoQuant added.
Widely followed cryptocurrency analyst Momin Saquib anticipated a potential drop in Bitcoin below $112,000 and Ethereum below $4100.
"If we close daily under $110,000 on daily then expect $105,000 to test (less likely)," the analyst added. "Overall, dips are for accumulating, early September will be bullish & then Q4 will be when the real fun begins!
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