Bitcoin, the world’s largest cryptocurrency, appears to have entered another major decline in recent hours.
Selling pressure has intensified again in the cryptocurrency markets. Bitcoin, which had previously fallen to the $74,000 level and then recovered to above $79,000, has started to fall again, dropping below $75,000 once more.
Bitcoin is trading at $75,136, having lost approximately 4.7% in the last 24 hours. Its weekly loss has reached 13.9%, while its market capitalization stands at $1.5 trillion.
However, a new rally has begun in gold and silver, with both precious metals gaining approximately 6% today.
The sharp market pullback led to massive liquidations in futures trading. A total of $342.65 million was liquidated in the last 24 hours, with $234.21 million coming from long positions and $108.45 million from short positions.
In line with the decline in Bitcoin, selling pressure is also noticeable in the altcoin market. Ethereum fell by over 6% to $2,211, with its weekly loss exceeding 24%. Solana dropped below $100 to $99.7, losing over 19% of its value on a weekly basis.
Multiple macroeconomic and geopolitical factors are behind the market pullback. Increased tensions between the US and Iran, particularly following the US downing of an Iranian drone, have weakened global risk appetite.
In addition, the nomination of Kevin Warsh for the Fed chairmanship strengthened expectations of a tighter monetary policy stance. This development increased selling pressure on risky assets.
On the other hand, it is noted that investors are redirecting their funds back to precious metals such as gold and silver. The increased search for safe havens is considered another factor accelerating outflows from the cryptocurrency market.
