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Crypto prices extended their recent decline Saturday, with top assets like Bitcoin, Ethereum, and XRP plunging to prices not seen in several months or more, with liquidations continuing to climb throughout the day.
Bitcoin is down 8% over the last day at a recent price of $77,195, according to CoinGecko, marking the lowest price seen in nine months and extending its weekly slide to over 13%. The price of the top cryptocurrency has fallen nearly 39% since peaking above $126,000 in October.
Meanwhile, Ethereum is showing a much harder hit, falling 13% on the day to a recent price of $2,362 and now down 20% over the last week. The second-largest coin by market cap has lost 52% of its value since peaking shy of $5,000 back in August.
Most major altcoins are similarly showing double-digit percentage losses over the last day, with XRP down 10% to $1.58, Solana falling 14% to $101, and Dogecoin diving 13% to $0.101. Broadly, the market is down 7.5% in the last 24 hours.
Futures traders betting on future gains have been hard hit over the last day, as CoinGlass shows $2.53 billion worth of liquidations during that span — $2.41 billion of which were long positions, or bets that an asset’s price would go up.
Ethereum makes up nearly half of the total carnage with $1.14 billion worth of positions liquidated, with Bitcoin up next at $765 million.
Bitcoin traders on prediction market Myriad — which is owned by Decrypt’s parent company, Dastan — have flipped bearish on the top asset, currently penciling in a nearly 65% chance that BTC will fall to $69,000 sooner than it can rebound to $100,000. Those odds have grown by 22% over the last day.
Saturday’s crypto market dive follows a week of volatility for markets, driven by factors including fears over a potential U.S. government shutdown — which came to pass via a partial shutdown that began early Saturday — along with fears that a potential bubble for AI investments is ready to pop.
Nearly $1.5 billion worth of assets left U.S. spot Bitcoin ETFs over the last week, according to data from Farside Investors, demonstrating investors’ moves away from risk-on assets. Ethereum ETFs shed $327 million worth of assets during the same span.
Precious metals gold and silver surged to new all-time high prices this week as the risk-off attitude grew, though both metals fell sharply on Friday, with silver diving more than 31% during Friday’s U.S. trading day.
