What Happened in Crypto Today? Market in Freefall: Is the Bull Run Over?

Crypto Market in Chaos: Global Cap Drops 1.64% to $3.19 Trillion 🌍💥

The crypto market is now plummeting, with the global market cap dropping 1.64% to $3.19 trillion, which is a sign of general panic. Still, trading volume has jumped 8.02% in the last 24 hours, standing at $127.49 billion, as whales and retail investors try to make sense of things.

With Bitcoin, Ethereum, and XRP taking the hit, trader questions resonate: Is this the beginning of the crypto market’s recovery or something more harmful? 🤔

Bitcoin in Freefall: The Dip Before the Moon or a Sign of Doom? 🚨

Bitcoin ($BTC) has fallen to $97,369.43, marking a 1.50% drop within the past 24 hours. With a market cap of $1.93 trillion, traders are anxiously awaiting signs of a reversal.

However, a concerning report reveals over 20,000 BTC have been sold off by long-term holders in just 96 hours. Is this a gigantic sell-off warning of more downturns or an accumulation phase ahead of a rebound? The coming days will determine Bitcoin’s fate. ⏳

Crypto Bloodbath: $3.1 Billion in BTC & ETH Contracts Set to Expire 🔥

Prepare for even more extreme volatility! At 08:00 UTC today, 26,000 Bitcoin options worth $2.57 billion and 204,376 Ethereum options valued at $560 million are scheduled to expire.

These sometimes cause wild swings in the market, and considering Bitcoin is already set for its worst week ever, some serious storminess can be expected this weekend. And to add to the mayhem, some US jobs data will come out, which may really stir the pot. Wipeout or is crypto going to toughen up? 💣

Russian Miners Go into Panic Mode: Sanctions & Government Surveillance Upscale 🇷🇺🔒

Russian Bitcoin miners are facing increased government scrutiny as the country tracks wallet addresses through a new registry.

With fears of sanctions and restrictions mounting, mining operations are on edge. The registry, launched in November 2024, is touted as “secure,” but some are concerned about its potential to expose miners to geopolitical risks. What impact will this have on global Bitcoin supply and demand? 💥

XRP ETF Filings: Will XRP Breakout or Face More Regulatory Struggles? ⚖️

In a big news, the Cboe BZX Exchange has filed for spot XRP ETFs. The move can be a big game-changer for the market. XRP is trading at $2.39, down 2.97% today.

The news is fueling speculations of whether XRP will finally breakout of its regulatory limbo. As the SEC faces mounting pressure, traders are eagerly awaiting the outcome of the ETF decision. Could this be XRP’s moment to shine or will it continue to struggle? 🌟

Nonfarm Payroll Report: Will it Shake Crypto to Its Core? 📊

Another layer of uncertainty is added to the already volatile market since the report of the U.S. Bureau of Labor Statistics on Nonfarm Payroll will be released today.

The investor will be boosted in their confidence for risk assets in case the report goes better than expected, while the eventual case may send them flying to safe havens like gold and bonds. How will this impact the fragile crypto market? ⚖️

When Will the Crypto Market Recover? 🕰

With the market in a freefall, traders are left wondering: Is the bull run over? While upcoming macroeconomic events, regulatory approvals, and ETF launches could potentially shift the market, the short-term outlook remains bleak.

All eyes are on Bitcoin to see if it can regain momentum or face a steeper decline. The next few moves will likely set the tone for the future of digital assets. 🔮

Stay tuned for updates as we track these critical developments! 🌍

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