Crypto Crash: $555M Liquidated as Bitcoin, Ethereum Plunge

A liquidation wave worth $555 million has swept through the crypto market, with Bitcoin, Ethereum, and XRP among the hardest hit. The sell-off, triggered by Bitcoin's breach below the crucial $100,000 level, has sent shockwaves across the market, pushing traders into panic mode. The overall decline in the crypto market has exceeded 7% in the past 24 hours, with Bitcoin slipping below $100,000, Ethereum dropping under $3,000, and altcoins like XRP and Solana suffering double-digit losses.

The market's bearish technicals and growing uncertainty have fueled this crash, with three main factors driving the sell-off:

1. Bitcoin's price dip below $100,000, reaching $96,000, has sent shockwaves across the market, triggering liquidations and pushing traders into panic mode. If the selling pressure continues, BTC could soon test lower levels around $92,000 and $90,000.
2. Ethereum has crashed below $3,000, with downside targets near $2.6K and $2.4K. Meanwhile, XRP was the hardest hit, falling over 15% after being excluded from Hong Kong's approved crypto list, adding fuel to the fire.
3. Weak market sentiment and technical breakdowns have led to profit-taking, increasing selling pressure. Technically, BTC's breakdown under $100,000 has triggered a wave of stop-loss liquidations, accelerating the downtrend. Solana also fell below $200, dropping over 12% in a single day, proving that even strong altcoins aren't safe from this market-wide collapse.

The crypto market isn't crashing in isolation—global markets are struggling too. Tech stocks are set to open in the red on Monday, which could lead to even more liquidations in the crypto space. As investors rush to minimize losses, riskier assets like cryptocurrencies are getting hit the hardest. This correlation with traditional finance means the crypto market could face more pain in the coming days, especially if macroeconomic concerns persist.

Looking ahead, the short-term outlook remains bearish. If traditional markets continue