Bitcoin News Today: Crypto Market Plunges on July 23 as Altcoins Tumble 4-12.7% Amid Profit-Taking and Regulatory Uncertainty

The cryptocurrency market experienced a sharp selloff on July 23, with major digital assets recording significant declines amid heightened volatility. Ethereum (ETH) fell 4% to $3,565, XRP plummeted 12.7% to $3.05, Binance Coin (BNB) dropped 5.3%, and Solana lost 9.5% of its value. Bitcoin (BTC) showed relative stability, retreating 0.6% to $117,349, though analysts noted its performance contrasted with the broader altcoin market’s fragility [1]. The downturn followed a period of ETF-driven optimism and supply shortages that had fueled a May rally, but the recent correction exposed vulnerabilities such as leveraged trading exposure and regulatory uncertainties [2].

Experts attributed the selloff to a combination of profit-taking and liquidation pressures. Presto Research’s Min Jung highlighted that Ethereum remained 7% higher on a weekly basis and Dogecoin surged 12%, suggesting the decline was a tactical pullback rather than a structural breakdown [1]. CoinW’s Chief Strategy Officer, Nassar Al Achkar, pointed to factors including leveraged position liquidations and altcoin rotation in anticipation of ETF decisions, which exacerbated short-term volatility [1].

Data from Coinglass underscored the severity of liquidations, revealing $168 million in Ethereum and $92.7 million in XRP positions were wiped out within a day, alongside $73.5 million in Bitcoin liquidations, primarily from long positions [1]. Vincent Liu of Kronos Research linked these losses to reduced market depth, as leveraged altcoin positions—particularly in tokens with high leverage—were rapidly cleared [1].

Regulatory headwinds further compounded the sell-off. XRP’s 11% drop to $3.1830 was tied to the SEC’s August 15 deadline for Ripple’s legal appeal, while Ethereum traders faced liquidation risks after prices dipped below $3,700 [4][9]. A crypto regulation bill previously endorsed by Donald Trump faced delays, adding to market uncertainty [8]. Meanwhile, FTX’s ongoing bankruptcy proceedings, with creditor payouts set for September 30, highlighted systemic fragility in the sector [7].

Retail investors were particularly vulnerable, with analysts warning of panic-driven sell-offs during downturns. Unlike institutions, retail participants often lack liquidity to withstand prolonged declines and are exposed to risks like forgotten passwords or hacks [10]. Despite long-term optimism from figures like Tim Draper—predicting Bitcoin could become a global standard within two decades—the short-term outlook remains clouded by cyclical volatility and regulatory scrutiny [10].

The market’s immediate focus now centers on Bitcoin’s ability to stabilize and reclaim critical support levels. A failure to surpass previous highs could trigger broader panic, while regulatory clarity may offer a potential lifeline for recovery. For now, the sector remains in a state of flux, testing the resilience of both investors and the infrastructure underpinning crypto markets [10].

Sources:

[1] [Crypto Prices Tumble as Market Faces Setbacks](https://coinmarketcap.com/community/articles/6881e5a36b552622cb51246a/)

[2] [Bitcoin Outlook: Why the Price Surged and What’s Next](https://www.fxempire.com/forecasts/article/bitcoin-outlook-why-the-price-surged-and-whats-next-1535923)

[4] [XRP News Today: Ripple Appeal, ETF Uncertainty Keep...](https://www.fxempire.com/forecasts/article/xrp-news-today-ripple-appeal-etf-uncertainty-keep-xrp-traders-on-edge-btc-dips-1535861)

[7] [FTX to Start $1.9B Creditor Payments on Sept. 30](https://m.economictimes.com/crypto-news-today-live-24-jul-2025/liveblog/12286556.cms)

[8] [BTC走势分析 Today, let's talk about the BTC market...](https://www.binance.com/square/post/27295904340594)

[9] [XRP Price Drops 11% Amid ETF Freeze...](https://coinpedia.org/price-analysis/xrp-price-drops-11-amid-etf-freeze-can-it-hold-3/)

[10] [Why betting on Bitcoin as the dollar collapses could wreck...](https://www.mitrade.com/insights/news/live-news/article-3-978727-20250723)