The crypto market is going through a sharp downturn. The total value of all cryptocurrencies has fallen close to $2.31 trillion, a level last seen in April 2025. In just 22 days, the market has lost more than $900 billion, showing how fast prices have dropped.
Bitcoin and Ethereum Price Crash Are Dragging the Market Down
The biggest cryptocurrencies are leading the fall:
- Bitcoin has dropped about $20,000, falling from $90,000 to $70,000, a decline of 23%.
- Ethereum has fallen nearly $1,000, dropping from $3,050 to $2,070, down 32%.
As prices fell quickly, many traders were forced to exit their positions. More than $7 billion worth of trades were closed automatically due to losses. In the past 24 hours alone, total losses crossed $833 million, as Bitcoin briefly slipped toward $71,000.
Large Bitcoin Sales Increase Pressure
Selling by large holders has added to the pressure. Bhutan sold $22.4 million worth of Bitcoin this week, as the value of its crypto holdings dropped more than 70%. The country’s portfolio has fallen from a peak of $1.4 billion to around $412 million.
Such large sales during a market downturn often increase fear among investors and push prices down further.
Altcoins Continue to Struggle
Altcoins continue to struggle, with some of the biggest names seeing sharp declines. Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), and XRP ($XRP) have been among the hardest hit, adding to the overall market weakness.
Several major altcoins are now trading near multi-year lows, reflecting reduced investor confidence across the market.
Avalanche (AVAX) is testing a long-standing price level near $9, its lowest point in years.
Ethereum continues to experience persistent selling pressure, with prices showing no clear signs of stabilization. A minor support level is visible near $1,744, but the next major support lies around $1,350, close to the lows formed in April 2025. Failure to hold current levels could lead Ethereum toward this zone.
Solana has declined by nearly 6%, breaking its April 2025 support. The next key support for SOL is expected near the $80–$79 range, where buyers may attempt to step in.
Sharp price swings have triggered widespread forced selling. On the trading platform Hyperliquid alone, more than $50 million worth of long positions were wiped out, showing how extreme volatility is hurting traders betting on price recovery.
Overall, the continued losses in altcoins suggest investors are stepping back from riskier assets rather than buying during the downturn.
Global Economic Factors Are Hurting Crypto
Broader economic conditions are also playing a major role in the crash:
- Investors are putting more money into safer assets like gold and silver, reducing interest in cryptocurrencies.
- Hopes for U.S. interest rate cuts have faded.
Markets now believe there is a 90% chance that interest rates will stay between 3.50% and 3.75%, and only a 10% chance of a rate cut at the March 18 U.S. Federal Reserve meeting.
Because of this, even the end of the U.S. government shutdown failed to lift crypto prices, as investors remain focused on high interest rates.
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