The post Why Is the Crypto Market Going Down Today? appeared first on Coinpedia Fintech News

The crypto market is under pressure again. Total market capitalization has fallen to $2.27 trillion, down just over 2% in the last 24 hours.

Bitcoin has dropped below $66,000, currently trading near $66,180, while Ethereum sits around $1,931.

In just the last hour, more than $30 million in long positions were liquidated, adding to selling pressure. Over 24 hours, Bitcoin liquidations reached roughly $47 million. This sudden wave of forced selling is one of the biggest reasons behind today’s decline.

Leveraged Traders Got Wiped Out

The main driver of the drop appears to be a leveraged washout. Many traders had bet on prices going higher using borrowed money. When prices started falling, their positions were automatically closed, causing even more selling.

Funding rates have also turned slightly negative, showing that traders are now leaning bearish.

Crypto Is Moving With Stocks

There is no major crypto-specific news causing today’s drop. Instead, this looks like a broader “risk-off” move, possibly influenced by geopolitical tensions and tighter central bank policies.

On top of that, U.S. spot Bitcoin ETFs have seen continued outflows. When institutions pull money from ETFs, it creates steady selling pressure.

Levels to Watch

The most important level right now is $2.17 trillion in total crypto market cap. This is both a yearly low and a key Fibonacci support level. If the market holds above $2.17T, we could see a short-term relief bounce toward $2.35 trillion.

But if it breaks below that level, the downtrend could continue toward new yearly lows.

Experts are also watching the 7-day exponential moving average near $2.32T. A close above that level could signal that short-term momentum is turning positive again.

How Major Coins Are Performing

  • Bitcoin (BTC): ~$66,180
  • Ethereum (ETH): ~$1,931
  • XRP: ~$1.40
  • Solana: ~$80.81
  • BNB: ~$601

What Comes Next?

Here’s a quick look at top assets: Most top coins are down between 1% and 4% on the day. Right now, the market looks fragile. The combination of leveraged liquidations, ETF outflows, and stock market weakness has pushed crypto into a defensive position.

The next 24 to 48 hours are critical. If ETF flows turn positive and the $2.17T support holds, a bounce is possible. If fear continues and outflows persist, prices may slide further.

For now, the market is in extreme fear mode, and confidence needs time to rebuild.