📉 Market Downturn Hits Hard
The crypto market lost over $212 billion in the last 24 hours, causing a 5.4% drop in global market cap to $3.42 trillion. Surprisingly, this crash is linked to movements in the U.S. stock market rather than crypto-specific issues.
🤖 Chinese AI App Sparks Panic
A new Chinese AI app, DeepSeek, shook investor confidence after becoming the top app on Apple’s App Store. Developed for under $10M, its success raised concerns about overvalued U.S. tech stocks, leading to stock sell-offs that spread to the crypto market.
💸 Massive Liquidations Add Pressure
Over $613M in crypto positions were liquidated in 24 hours, with $569M lost by long traders. The largest single liquidation, worth $98.46M, occurred on the HTX exchange, adding to the market turmoil.
📊 Bitcoin and Altcoins Struggle
Bitcoin dropped over 5%, trading near $99,969, with $100K acting as critical support. Altcoins like ETH, XRP, and SOL have fallen by 8-10%, while meme coins $DOGE and SHIB declined 8% and 7%. $PEPE and $TRUMP tokens saw sharper drops of 13%.
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