Crypto market wipes out over $100 billion within hours
The cryptocurrency market has lost more than $100 billion in value over the past 24 hours as investor sentiment weakened, invalidating the recent bullish run led by Bitcoin (BTC).
At press time, the total crypto market capitalization stood at approximately $2.6 trillion, down from $2.7 trillion a day earlier, representing a decline of roughly $100 billion within hours.
Crypto market 30-day price chart. Source: CoinMarketCap
The sell-off spread across major digital assets, with Bitcoin falling 3.24% to trade around $77,878 after briefly ranging between $77,860 and $80,733 over the last 24 hours. Ethereum (ETH) also recorded sharp losses, declining 3.76% to about $2,170.
Among the biggest declines in the large-cap market, Solana dropped 5.97% to $85.75, making it one of the worst-performing major cryptocurrencies during the session. BNB fell 4.78% to $651.88, while XRP declined 4.65% to $1.40.
Top cryptocurrencies’ performance. Source: Finbold
Why crypto market is down
The latest downturn comes amid growing geopolitical tensions tied to the ongoing US-Iran conflict. Recent reports indicate that President Donald Trump’s rejection of Iran’s peace proposal and stalled ceasefire talks have intensified uncertainty across global markets.
The tensions have pushed oil prices sharply higher, with energy costs reportedly rising 17.9% in April CPI data amid supply disruption fears tied to the Strait of Hormuz.
The uncertainty has driven investors toward safer assets and away from riskier markets like cryptocurrencies, with a recent 1.6% crypto market decline also linked to the geopolitical headlines.
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Macroeconomic pressures also weighed on the market after hotter-than-expected US inflation data reduced expectations for near-term Federal Reserve rate cuts.
April CPI reportedly rose 3.8% year-over-year, while producer price data remained elevated, strengthening the US dollar and Treasury yields while pressuring risk assets like Bitcoin, which briefly fell below $80,000.
Broader weakness across equities and technology stocks, alongside rising oil prices and leveraged liquidations, further dampened sentiment.
Meanwhile, the market weakness also followed a recent shift in exchange-traded fund flows. For instance, US spot Bitcoin ETFs recorded $1 billion in net outflows during the week ending May 15, marking their largest weekly redemption since late January.
The outflows also snapped the longest inflow streak for the funds since July 2025. The six-week run attracted roughly $3.4 billion in inflows, averaging about $568 million per week and helping fuel the crypto market’s spring recovery. April alone saw $1.97 billion in inflows, the strongest monthly total of 2026.
