Crypto Crash is HERE: Bitcoin, Ethereum and XRP take a Big Hit

The past 24 hours have been brutal for the crypto market, with an overall decline of more than 7%. Bitcoin slipped below the crucial $100K level, Ethereum dropped under $3,000, and altcoins like XRP and Solana suffered double-digit losses. With bearish technicals and growing uncertainty, the market is on edge. But what’s driving this crash? Here are the top three reasons behind the latest crypto selloff.

1. Bitcoin Breaks Below $100K – Panic Selling Begins

Bitcoin’s price dipped below $100K, reaching $96K, and the downtrend seems far from over. If the selling pressure continues, BTC could soon test lower levels around $92K and $90K. This sharp drop has sent shockwaves across the market, triggering liquidations and pushing traders into panic mode.

BTC/USDT 1-day chart - Bitget

When Bitcoin struggles, the entire crypto market follows. Ethereum crashed below $3,000, with downside targets near $2.6K and $2.4K. Meanwhile, XRP was the hardest hit, falling over 15% after being excluded from Hong Kong’s approved crypto list, adding fuel to the fire.

XRP/USDT 1-day chart - Bitget

2. Weak Market Sentiment and Technical Breakdown

Cryptos were already showing signs of exhaustion before this crash. The strong rallies that pushed Bitcoin past $100K and Ethereum toward $3.5K led to profit-taking, increasing selling pressure.

Technically, BTC’s breakdown under $100K has triggered a wave of stop-loss liquidations, accelerating the downtrend. Solana also fell below $200, dropping over 12% in a single day, proving that even strong altcoins aren’t safe from this market-wide collapse.

3. Traditional Markets Are Dragging Crypto Down

Crypto isn’t crashing in isolation—global markets are struggling too. Tech stocks are set to open in the red on Monday, which could lead to even more liquidations in the crypto space. As investors rush to minimize losses, riskier assets like cryptocurrencies are getting hit the hardest.

This correlation with traditional finance means the crypto market could face more pain in the coming days, especially if macroeconomic concerns persist.

What’s Next for Cryptos?

Looking ahead, the short-term outlook remains bearish. If traditional markets continue to struggle, cryptos could see another wave of sell-offs. Bitcoin’s next key levels are at $92K and $90K, while Ethereum could drop toward $2.6K and $2.4K.

However, over the long term, many analysts believe that crypto remains in a broader bull cycle. This could just be a major correction before the next big rally.