Crypto Market Crash Wipes Out $150 Billion as Bitcoin Falls Below $117K

Crypto market crash headlines dominate the space today after a sharp correction across major digital assets. Bitcoin, after enjoying a powerful rally over the past week, has now dropped below the $117,000 mark, triggering widespread liquidations and pulling the broader crypto market into deep red territory.

Over $150 billion in total market value has evaporated since the latest highs, with daily liquidations nearing the $500 million mark. The rapid shift in sentiment comes after a $15,000 climb that pushed BTC to a new all-time high—only to reverse dramatically.

Bitcoin’s Surge Halts at $123K, Then Crashes Back

Bitcoin had been trading sideways between $105,000 and $110,000 until midweek when a bullish breakout pushed it past resistance levels. By Friday, BTC had nearly reached $119,000, and after a quiet weekend, it soared past $120,000 on Monday, peaking above $123,000—its highest level ever.

This sharp upward movement added approximately $15,000 in just five days, driven by a mix of technical momentum and broader market optimism. However, uncertainty began to creep in following geopolitical developments, including Trump’s 50-day ultimatum to Russia over the Ukraine conflict. The sentiment turned cautious, and sell pressure began to mount.

As of today, Bitcoin has dropped below $117,000, where it remains at press time. Its market capitalization has dropped to approximately $2.32 trillion, and its dominance sits at 62.1% according to CoinGecko.

Altcoins Join the Retreat

The crypto market crash has not spared altcoins. Many had seen impressive gains in recent days but are now reversing course. Dogecoin, one of the biggest losers on the day, is down nearly 7% and currently trades around $0.19. Other notable altcoins such as BNB, Solana (SOL), HYPE, Bitcoin Cash (BCH), Shiba Inu (SHIB), Chainlink (LINK), and Hedera (HBAR) have also posted daily losses ranging from 2% to 5.5%.

Ethereum (ETH) has dipped below the $3,000 threshold after a 2% decline, while XRP has slipped to $2.90. These moves contribute to the overall market downturn, dragging the total crypto market capitalization below $3.75 trillion.

Conclusion

This crypto market crash serves as a reminder of the volatility that continues to characterize the digital asset space. While long-term fundamentals remain strong for many coins, short-term corrections like this often come quickly and without warning. Investors and traders alike should remain cautious and keep an eye on market signals that could indicate further movement in either direction.

Make money without lifting your fingers: Start using a world-class auto trading solution.

EightCap, your trusted Partner in CFDs, Cryptocurrencies and Stocks.