Crypto market slides on mass liquidations

Major cryptocurrency assets faced broad downward pressure over the past 24 hours, according to CoinMarketCap platform data. Bitcoin declined 1.69% on the day to $84,122.74, while retaining gains of 0.95% over the past seven days and 5.70% over the last month.

Leading altcoins mirrored the slide: Ethereum dropped 3.49% to $2,608.05, BNB shed 1.91% to $766.64, and Zcash contracted 1.72% to $1,317.63. Declines also extended across Monero (-0.72%), Bittensor (-3.21%), and Solana (-1.65%). Diverging from the prevailing trend, gold-backed token PAX Gold (PAXG) rose 0.32% to $4,148.09. Analysts attributed the correction to elevated US Treasury yields, heightened geopolitical frictions, and market caution ahead of policy guidance from the Federal Reserve. Furthermore, selling pressure intensified sharply after Bitcoin's drop below the $84,000 threshold triggered over $400 million in long position liquidations within a single hour. 

N.Tebrizli