Crypto Market Carnage: $200 Billion Vaporized as Bitcoin Sinks to $75K, ETH and XRP Lead the Plunge

The crypto world took a brutal hit over the weekend. In a flash crash on Saturday, Bitcoin (BTC) tumbled to just over , its lowest point since last April. This sparked a chain reaction, wiping out around from the total market cap in mere hours. Altcoins like Ethereum (ETH), XRP, and Solana (SOL) suffered double-digit drops, leaving investors reeling.

A Week of Pain for Bitcoin

The slide didn’t start on Saturday. Bitcoin’s rough ride began last Sunday and Monday. It nosedived from nearly $89,000 to a five-month low around $86,000. A brief recovery pushed it above $90,000 ahead of the FOMC meeting on Wednesday. But hope faded fast when the Federal Reserve paused interest rate cuts. BTC started slipping right after.

Things got worse on Thursday. Rising tensions in the Middle East, with US Navy assets moving closer to Iran, fueled fear. Bitcoin shed $9,000 in hours, hitting $81,000 – a level not seen since last July.

Friday offered a small breather as BTC clawed back some losses amid chaos in precious metals markets. But Saturday brought the hammer. Trading flat around $83,000-$84,000, it suddenly plunged to over $75,000. In under two weeks, Bitcoin lost about $20,000 from its peak.

As of now, BTC sits at around $79,000, still down 5% on the day. Its market cap dipped below $1.6 trillion, while dominance stands at 57.4%. This shows Bitcoin holding a bigger slice of the pie as alts bleed more.

Altcoins in Freefall: ETH, XRP, and More

Altcoins faced even steeper punishment. Ethereum cratered from $2,800 to $2,250 – one of the worst drops. XRP hit a 14-month low at $1.50. Solana fell 9% in 24 hours, Monero (XMR) 10%, and coins like Litecoin (LTC), Sui (SUI), Chainlink (LINK), and Dogecoin (DOGE) shed about 5% each.

A few outliers bucked the trend. RAIN, HYPE, and CC posted gains among larger alts. But most tokens saw massive sell-offs followed by tiny rebounds in the last 12 hours.

• SOL: -9%
• XMR: -10%
• LTC, SUI, LINK, DOGE: -5% each
• Total Market Cap: Down to $2.7 trillion after $200B wipeout

Why Did This Happen?

Several factors piled up. The Fed’s rate pause dashed hopes for looser money, hurting risk assets like crypto. Geopolitical heat in the Middle East added panic selling. Bitcoin’s drop triggered liquidations across the board, amplifying the pain.

Traders watched closely as BTC broke key support levels. The $83k-$84k range acted like a trap before the rug pull. On-chain data shows whale selling and leveraged positions getting wrecked. Fear and Greed Index likely plunged into ‘fear’ territory.

This isn’t the first rodeo. Past crashes, like 2022’s bear market, started with macro triggers. But Bitcoin’s resilience shines through – it’s bounced from worse lows before.

Market Metrics at a Glance

What’s Next for the Weekend Watch?

Markets hate uncertainty. With Middle East tensions simmering and Fed eyes on inflation, volatility stays high. Bitcoin holding $79k is key – a break below $75k could mean more pain. Upside? A relief rally if news calms.

Altcoins may lag until BTC stabilizes. Watch dominance: at 57.4%, it’s a bull signal for Bitcoin but bearish for alts. Long-term, halvings and ETF inflows support recovery. But short-term, brace for swings.

Investors: Use this dip to average down if bullish. Risk management is king – leverage killed many today. Stay tuned for Sunday updates as Asia wakes up.

This event reminds us: crypto is volatile. But history shows bounces follow crashes. What’s your take? Will BTC reclaim $80k this weekend?

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.