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The crypto market crashed by another 9% in the last 24 hours, eroding more than $300 billion of investors’ wealth. This massive selloff comes amid a major fall in US equities and precious metals alike. Silver crashed nearly 45% over the past week.
On the other hand, BTC price has extended losses by 22% on the weekly chart, and is now trading at $64,000.
Crypto Market Crash Triggers $2.6 Billion in Liquidations
Crypto market liquidations soared to $2.6 billion in the last 24 hours. Long positions accounted for $2.17 billion of the total. Per the Coinglass data, more than 579,000 traders have been liquidated in the same period.
Ever since hitting the top on October 10, crypto markets have entered a deep correction. So far, nearly 50% or $2.2 trillion of investors’ wealth has been wiped out.
Bitcoin has erased all of its post-US election gains from November 2024. Analysts at the Kobeissi Letter noted that this decline comes amid a sustained deterioration in market sentiment. Although the crypto market saw some short relief rallies in between, it failed to reverse the trend.
The prolonged weakness has translated into heavy forced selling. Since Jan. 24, approximately $10 billion in leveraged crypto positions have been liquidated. During this period, more than $1 trillion of investors’ wealth has been eroded.
Schiff Sees Silver Crash as a Buying Opportunity Amid Crypto Market Turmoil
After a massive rally in January, the Silver price has crashed by a good margin. In less than a week, the grey metal is down by more than 45%. Furthermore, the crash has been prominent across the asset classes with US equities on a freefall as well.
Bitcoin’s 50% correction from the top has already shattered investors’ hope. Referring to this fall, veteran economist Peter Schiff stated that the biggest financial mania in history is likely over.
Schiff wrote that the Bitcoin community achieved something remarkable. They convinced Main Street financial media to embrace Bitcoin. They also persuaded Wall Street banks to support it.
On the other hand, he said that the correction in Silver offers a buying opportunity to investors. Schiff said:
Bitcoin Faces Bearish Pressures as JPMorgan Sees Long-Term Upside
Bitcoin price has been on a free fall correcting more than 22% over the past week. After today’s 9% crash, BTC price is trading at $64,717 with its market cap falling under $1.3 trillion.
The broader crypto community believes that there’s some more pain ahead before BTC reverse trajectory. As per data from Polymarket, there’s a 59% chance that BTC price will drop under $50,000, sometime ahead in 2026.
Veteran trader Peter Brandt warned that Bitcoin may be nearing a downside zone. He noted this level has historically marked exhaustion. He linked it to past bear market cycles. Brandt stated that if BTC follows a similar pattern, the downside for bulls could go all the way to $42,000.
On the other hand, JPMorgan strategists are now favouring Bitcoin over Gold. According to the bank’s analysis, Bitcoin’s declining volatility is improving its risk-adjusted profile. As per JPMorgan, this brings it closer to gold from a portfolio construction perspective.
Based on this framework, J.P. Morgan outlined a valuation scenario in which Bitcoin could approach $170,000. The target is derived from aligning Bitcoin’s risk characteristics with gold.
