- The overall cryptocurrency market fell 4.4% in the last 24 hours, attempting to hold above $2.5 trillion.
- Nearly $588 million in leveraged positions were liquidated, with long trades accounting for $492 million.
- The sudden fall in Bitcoin’s price comes after oil prices jumped following attacks on energy facilities in Qatar, Abu Dhabi, Kuwait, and Saudi Arabia.
- Despite the decline, retail sentiment on Stocktwits around Bitcoin and other major cryptocurrency tokens remained in ‘bullish’ territory.
Bitcoin (BTC) dropped below $70,000 in early morning trade on Thursday after Brent oil prices climbed to $119 for a second time this month following major attacks on energy facilities in the Persian Gulf.
The overall cryptocurrency market fell 4.4% in the last 24 hours, attempting to hold above $2.5 trillion. CoinGlass data showed nearly $588 million was liquidated over the past day, with $492 million coming from long positions being wiped out. Around $222 million in Bitcoin bets went underwater, followed by nearly $180 million in Ethereum (ETH) bets.
“All assets, except oil, continue to sell off,” said crypto analyst Michael van de Poppe in a post on X, noting that Bitcoin got rejected at the technical resistance level and is now trading in the support area between $69,000 and $70,000.
Bitcoin’s price fell 5.4% in the last 24 hours, trading at around $70,300 after hitting an intraday low of around $69,500, according to CoinGecko data. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bullish’ territory over the past day, while chatter dipped to ‘low’ from ‘normal’ levels.
Many users on the platform expressed frustration with President Donald Trump’s actions in the Middle East.
Why Are Oil Prices Rising?
Brent crude oil prices rose over 5% to around $115 at the time of writing, pairing gains after hitting an intraday high of $119.13 – only a whisker away from its record high of $119.50, seen earlier this month. However, US crude oil prices were down 4% at the time of writing, highlighting the widening spread between the two oil indexes.
The United States Oil Fund (USO) fell as much as 2.5% in the pre-market trade. On Stocktwits, retail sentiment around the ETF flipped to ‘bearish’ from ‘bullish’ over the past day, with chatter at ‘high’ levels.
In the last 24 hours, an Iranian missile damaged a major LNG complex in Qatar, while debris from an intercepted strike forced a gas facility shutdown in Abu Dhabi. Drone attacks set two oil refineries in Kuwait on fire, and Saudi Arabia is assessing damage after a strike near the Red Sea. The attack in Yanbu marks the first hit on an Aramco facility in that region during the conflict.
Cardano, Ethereum Lead Losses Among Crypto Majors
Cardano (ADA) and Ethereum each fell more than 6% in the last 24 hours. ADA’s price was down 6.6% to around $0.127, while Ethereum’s price dropped 6.1% to around $2,180. Retail sentiment around Ethereum and Cardano remained in ‘bullish’ territory over the past day.
Among the top 10 cryptocurrencies by market capitalization, Tron (TRX) only edged 0.2% lower in the last 24 hours. Meanwhile, Ripple’s XRP (XRP) fell 4.5% as Binance Coin (BNB) and Solana (SOL) both fell mor ethan 4% each. Leading meme token Dogecoin (DOGE) fell 4.7% in the last 24 hours to around $0.095.
Read also: Fed’s ‘Higher-For-Longer’ Rate Stance Could Put Bitcoin Rally At Risk, Analysts Say
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