Why is the crypto market going down today? (May. 28)
The crypto market remained under pressure on Thursday as renewed military tensions between the United States and Iran triggered another sharp wave of liquidations and ETF outflows. According to data from CoinGecko, the total cryptocurrency market capitalization fell roughly 4% over the past 24 hours to around $2.48 trillion, while Bitcoin (BTC) dropped from the $76,000 region to hit a five-week low below $73,000 before recovering slightly at press time. Ethereum (ETH) fell more than 5% below the $2,000 mark, while major altcoins, including Solana (SOL), $XRP ($XRP), $BNB ($BNB), Dogecoin (DOGE), and Hyperliquid (HYPE), recorded losses ranging between 6% and 14% as traders continued reducing exposure to risk assets amid rising macro uncertainty. According to CoinGlass data, over $900 million worth of crypto positions were liquidated across the derivatives market over the past 24 hours, with bullish long positions accounting for most of the wipeout. The latest decline accelerated after Bitcoin lost support near $75,000 while Ethereum broke below the $2,100 area, triggering another cascade of forced liquidations across leveraged trading platforms. As exchanges automatically closed underwater bullish positions, the additional forced selling added more pressure to spot prices and intensified downside momentum across the broader market. Oil prices jump as U.S.-Iran tensions escalate Investor sentiment