{"id":232270,"date":"2024-01-19T13:36:19","date_gmt":"2024-01-19T08:06:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/heres-why-btc-eth-sol-xrp-lunc-falling-today-crypto-news\/"},"modified":"2024-01-19T13:36:23","modified_gmt":"2024-01-19T08:06:23","slug":"heres-why-btc-eth-sol-xrp-lunc-falling-today-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/heres-why-btc-eth-sol-xrp-lunc-falling-today-crypto-news\/","title":{"rendered":"Here’s Why BTC, ETH, SOL, XRP, LUNC Falling Today – Crypto News"},"content":{"rendered":"

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The crypto market witnessed a broader selloff on Friday, causing the global crypto market cap to fall almost 4% to $1.61 trillion. The Friday\u2019s expiry wreaks havoc on traders and investors, with nearly $250 million liquidated over the last 24 hours. The Crypto Fear & Greed Index slips from 63 (greed) to 56 (neutral).<\/p>\n

Bitcoin price plunges within hours from $42,720 to a low of $40,631, extending the 24-hour fall to almost 4%. Top altcoins Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), and others also witnessed a 3-7% drop within hours.<\/p>\n

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LUNC price tumbled 9% in the past 24 hours after the recent proposals failed<\/a>, with the price currently trading at $0.000113.<\/p>\n

Crypto Market Selloff on Friday\u2019s Expiry<\/h2>\n

Traders anticipated a major liquidation after the spot Bitcoin ETFs listing, which kept the crypto market stagnant throughout the week.<\/p>\n

Notably, 22,000 BTC options of notional value $890 million are set to expire on January 19, with a put-call ratio of 1.1. The max pain point is $44,000, indicating that traders are under selling pressure. BTC price<\/a> fell 4%, with the price currently trading at $41,419.<\/p>\n

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Moreover, 211,000 ETH options of notional value $520 million are set to expire, with a put call ratio of 0.55. The max pain point is $2,500, which is also higher than the current price of $2,469. ETH price<\/a> is down 3% in the last 24 hours, with a 24-hour low of $2,426.<\/p>\n

\"Ethereum

Crypto Market Saw $250 Million Liquidation<\/h2>\n

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Coinglass<\/strong> data indicate massive liquidation of $250 million today, January 19. Over 103K\u00a0<\/span>traders were liquidated in the last 24 hours, with the largest single liquidation order on\u00a0Binance<\/strong>\u2019s BTCUSDT\u00a0<\/strong><\/span>worth\u00a0$7.31 million. As a result of the broader selloff, the crypto market is in \u201cred\u201d today.<\/span><\/p>\n

BTC, ETH, and SOL longs lead the liquidation ranks. $2.3 million XRP longs liquidated from a total liquidation of $2.6 million.<\/p>\n

Bitcoin and Ethereum futures open interest plunges to below $18 billion and $8.5 billion. However, it could start rising again after the expiry, expecting a recovery from recent selling pressure. Options look better despite the expiry, calls for Bitcoin and Ethereum are still high, but an overall drop in volume in the last 24 hours.<\/p>\n

Also Read:\u00a0<\/strong>Here\u2019s Why Crypto Market Is Down Today, Short-Term Bitcoin ETF Impact Largely Over<\/a><\/p>\n

Macro Impacts<\/h2>\n

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Strong US dollar causing selling pressure on Bitcoin. The\u00a0US dollar index<\/strong>\u00a0(DXY<\/a>) reverses back above 103.50 from 101 in early January.<\/p>\n

Moreover, the U.S. 10-year treasury yields rising again above 4% is further putting selling pressure on Bitcoin. The US10Y<\/a> is at 4.151%, jumping above the 4% level this week after the spot Bitcoin ETFs listing.<\/p>\n

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Remember when Doomers were panicking over initial claims and I kept telling folks not to get worried about it?<\/p>\n

Initial claims (red) have been plummeting since mid-2023 and the 4-week moving average has also been declining steadily.<\/p>\n

187k initial claims, the lowest since Sep.\u201922. pic.twitter.com\/aIXQOAKpGR<\/a><\/p>\n

\u2014 Caleb Franzen (@CalebFranzen) January 18, 2024<\/a><\/p>\n<\/blockquote>\n

Also Read: <\/strong>Bitcoin Dumping Continues As BTC Price Tanks Under $41,000, Is Grayscale Behind This?<\/a><\/p>\n

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