⛔️📉 Crypto-panic: tech giants are pulling everything down
The global selloff of technology stocks has triggered a serious crypto crash.
While investors are fiddling with AI, the crypto market is struggling for survival.
The main takeaway:
🔹BTC: Dropped to $58,000, but is trying to rebound to 60,000. The 50,000–60,000 zone is critical support, where historically buyers have always shown up
🔹Altcoins: ETH, XRP, and Doge are falling much faster than BTC. Interesting fact: due to ETH’s drop, the stablecoin Tether temporarily overtook it by market cap, becoming the second-largest cryptocurrency
🔹Liquidations: In the past 24 hours, more than $1 billion was wiped out, including $842 million in longs
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Why is everything falling?
🔻Apple shares fell 6.1% after news about a potential increase in prices for tech equipment triggered a selloff in Asian markets (South Korea’s Kospi fell 9%)
🔻ETFs: For already 6 days, there has been an outflow of funds from BTC and ETH ETFs. Only in the last four days, nearly $700 million was withdrawn from BTC funds
🔻Quarter-end: Today’s expiration of quarterly options adds volatility and will set the trend for July
🔻Anti-recapture Strategy: Salesforce currently has an unrealized “paper” loss of over $13 billion. This loss exceeds the market capitalizations of projects like Dogecoin, Cardano, or Chainlink.
🚦 What’s next?
We’ll be watching the 55,000 level as the key support, and 61,000–62,000, which need to be reclaimed to resume the upward trend
#analysis