- Bitcoin and Ethereum led a decline in major cryptocurrencies, falling 2.5% and 2.4% respectively in the last 24 hours.
- The overall cryptocurrency market dropped 2.1%, remaining just above a $3 trillion market capitalization.
- Liquidations totaled about $254 million, with most losses impacting long positions.
- Investors awaited key U.S. economic reports, including third-quarter GDP and durable goods orders, for potential impact on market sentiment.
- All top 10 cryptocurrencies by market capitalization saw losses on Tuesday morning.
Bitcoin (BTC) and Ethereum (ETH) recorded notable declines in price during early Tuesday trading, as investors displayed caution ahead of a significant set of U.S. economic reports. Traders focused on the upcoming release of third-quarter gross domestic product (GDP) data, along with durable goods orders and industrial production figures, all of which could influence expectations for future U.S. monetary policy decisions.
According to CoinGlass data, the wider cryptocurrency market lost 2.1% over the past 24 hours and maintained a market capitalization just above $3 trillion. Liquidations during this period reached approximately $254 million, with $192 million attributed to long positions, meaning traders who expected prices to rise suffered the most losses. Short liquidations—bets on price declines—made up about $62 million. The largest forced liquidations centered on Bitcoin, Ethereum, and Solana (SOL).
Prices for Bitcoin slid to $87,500, a 2.5% decrease, while Ethereum dropped 2.4%, falling below the $3,000 mark to $2,966. Sentiment around Bitcoin remained in the ‘extremely bearish’ range, as stated by sentiment trackers. Chatter about the asset increased from ‘low’ to ‘normal’ levels. Meanwhile, retail sentiment for Ethereum stayed in ‘bearish’ territory, with discussion levels unchanged.
Among the top 10 digital assets by market value, all tokens recorded losses on Tuesday morning. Binance Coin (BNB) fell 1.9%, while XRP (Ripple’s native token) and Solana each declined by about 1.8%. Dogecoin (DOGE) dropped 1.4% and Cardano (ADA) was down 1.1%.
This broad market downturn came as traders positioned themselves ahead of major U.S. economic data releases, which are seen as key indicators of potential shifts in Federal Reserve policy.
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