Citing Cryptoticker, the crypto market experienced a sharp downturn in the last 24 hours, with Bitcoin falling 5% and major altcoins following suit. The decline was triggered by large whale wallets liquidating high-volume positions and China issuing its strongest anti-crypto statement in years, reiterating that crypto trading remains illegal on the mainland and flagging stablecoins as a systemic threat. The sell-off accelerated due to overleveraged long positions, with Bitcoin crashing to $86,542 and the Stoch RSI indicating an oversold condition. Among the top 10 cryptocurrencies, Dogecoin and Cardano recorded the largest losses, while Tron showed relative resilience.
Bitcoin Drops 5% Amid Whale Liquidations and China's Anti-Crypto Warning
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