Bitcoin fell over 2% in the past 24 hours to test the $61,800 level, while Ethereum slipped to $1,750, triggering $367 million in total liquidations across the crypto market. The Crypto Fear & Greed Index dropped to 22, indicating 'Extreme Fear,' the lowest reading in a week. The sell-off was exacerbated by a sharp decline in U.S. semiconductor stocks and rising geopolitical tensions in the Middle East.
Market Liquidations Hit $367 Million, Longs Bear Brunt
According to CoinGlass data, total liquidations over the past 24 hours reached $367 million, with long positions accounting for $310 million (about 85%) and shorts only $56.2 million. A total of 91,399 traders were forcibly liquidated, with the largest single liquidation—worth $4.08 million—occurring on Hyperliquid for an ETH-USD position.
On Binance, Bitcoin (BTC) hit a low of $61,825 and was trading at $62,561 at press time, down 2.23% in 24 hours. Ethereum (ETH) fell to $1,750 and was at $1,786, down 2.12%. Solana (SOL) and XRP dropped 2.52% and 2.02%, respectively, to $75.45 and $1.0695.
U.S. Chip Stocks Plunge, Oil Surges on Strait of Hormuz Tensions
Macro headwinds also weighed on sentiment. All three major U.S. stock indexes closed lower on Monday: the Nasdaq fell 1.6% (408 points) to 25,873, the S&P 500 dropped 0.8%, and the Dow Jones Industrial Average lost 0.3% (138 points) to 52,498. SK Hynix posted its largest single-day drop in Seoul, dragging down semiconductor stocks including Micron and Nvidia.
Meanwhile, former President Trump announced a renewed 'Iran blockade' policy, imposing a 20% cargo protection fee on all ships passing through the Strait of Hormuz. Brent crude oil futures surged on the news, raising concerns about inflation and potential further interest rate hikes by the Federal Reserve.
Fear Index at 22, Bitcoin Down 3% from 14-Day High
The Crypto Fear & Greed Index, compiled by Alternative.me, fell to 22 today, firmly in 'Extreme Fear' territory and the lowest level in a week. Bitcoin had reached a 14-day high of $64,442 on July 10 but has since retreated about 3%. Ethereum peaked at $1,825 on July 13 before declining.