The crypto market faced a massive selloff on Monday, with more than $90 million worth of crypto assets sold in one hour and $150 million sold in the past 24 hours.
Bitcoin price fell 3% to the $29,000 level, with the price currently trading around $29,280. In the last 24 hours, BTC price recorded a low and a high of $29,068 and $30,330 respectively.
Ethereum price also slipped below the $1850 level. The price of ETH is down more than 2% in the last 24 hours, with the price currently trading at $1,848. The lowest and highest prices in the 24-hour period were $1,837 and $1,904 respectively.
XRP price fell more than 3% to extend a 6% decline in the past 24 hours. Other altcoins including Cardano, Polygon (MATIC), and Solana also declined by nearly 3%, with the global crypto market down 2.3% to $1.17 trillion in the past 24 hours.
Coinglass data shows massive liquidity of $150 million today, July 24th. More than 50,000 traders have liquidated in the past 24 hours, with the largest single liquidity order on the BTCUSDT OKX swap worth $2.57 million. As a result of this massive selloff, the crypto market in general is in the "red" color today.
The large liquidity coincided with the launch of the Worldcoin (WLD) token by ChatGPT founder, Sam Altman. Traders moved to try trading WLD when major crypto exchanges such as Binance, OKX, Huobi, Bybit, and others listed the token.
Additionally, the crypto asset fund recorded its first week of outflows after 4 consecutive weeks of inflows worth more than $500 million.
On the other hand, government bond yields around the world have seen a decline to start the last week of July, with the yield on the 10-year US Treasury note falling to 3.81% on concerns about a global economic slowdown and a possible recession. Traders are also gearing up for important interest rate decisions from the US Federal Reserve, the ECB, and the Bank of Japan.
The CME FedWatch tool indicates a 99.8% probability of a 25 bps rate hike by the FOMC on July 26, bringing the Fed funds rate to 525-550.
The US Dollar Index (DXY) effectively rose to 101.25, leading to a correction in Bitcoin and Ethereum prices.
