25.02.2025 16:32
A major crash occurred in the cryptocurrency market. The total market value shrank by $188 billion in a single day. Among altcoins, Hyperliquid (HYPE) experienced the largest loss, suffering a sharp decline of 17.5%. So, why are Bitcoin and altcoins in decline?
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Significant Loss in the Crypto Market
The total value of the cryptocurrency market has decreased by $188 billion in the last 24 hours. The worsening global economic conditions have also impacted the crypto market.
The market value fell to $2.93 trillion on Tuesday. However, with a slight recovery, it is currently at $2.95 trillion. With this decline, the $3 trillion level, seen as a significant support point, has been lost.
A recovery in total market value is expected, but this process may take time. For now, the most critical target is to regain the $3 trillion level. Surpassing this level could increase confidence in the market, providing stability and paving the way for a new wave of increases.
Bitcoin Drops to $92,000
Bitcoin also experienced a significant drop, falling below $92,000. However, as of now, it is showing a slight recovery, trading at $92,230. Market sentiment remains fragile, but there are also signs of recovery.
It is critical for Bitcoin to stay above the $92,230 level. If this support is maintained, BTC could regain $93,625. Surpassing this level could allow the price to rise to $95,761, contributing to the restoration of confidence in the market.
However, if Bitcoin cannot surpass the $93,625 level, the price may consolidate at lower levels. In this case, the recovery process could be prolonged, and investors may have to wait for more favorable market conditions for Bitcoin to enter a new upward trend.
Hyperliquid Drops to Its Lowest Level in 2 Months
Hyperliquid (HYPE) has lost 17.5% of its value in the last 24 hours, dropping to $19.16. However, it is currently showing a slight recovery signal, performing better than yesterday. Investors hope for HYPE to rise again and provide stability in the market.
The key support level for HYPE is $19.16. If this level is maintained, a recovery to $23.20 may be possible. Surpassing this level could help compensate for previous losses and increase investor confidence.
However, if HYPE falls below $19.16, losses could deepen. In this scenario, the price could drop to $16.50, which could invalidate current upward expectations. This decline could increase investor losses, further delaying the recovery process.
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