Crypto Loses $86 Billion as Fear Spreads Across Global Markets
The crypto market took another hard hit today, with nearly $86 billion wiped out from total market value in just a few hours.
The global crypto market cap fell from around $2.57 trillion to nearly $2.49 trillion, while Bitcoin briefly dropped to $74,255, marking a 4% decline over the past 24 hours.
But Bitcoin wasn’t the only asset under pressure.
Major altcoins—including Ethereum, Solana, XRP, BNB, and Dogecoin—were hit even harder, falling between 5% and 9% as traders rushed to cut risk amid growing uncertainty.
So what triggered this sudden wave of selling?
One of the biggest catalysts appears to be a fresh regulatory setback tied to tokenized stock trading.
Reports suggest the has delayed a proposed framework that could have allowed blockchain-based trading of tokenized U.S. stocks—including major companies like and .
The proposal was expected to let crypto firms and decentralized finance platforms offer digital versions of publicly traded company shares while still treating them as regulated securities under U.S. law.
Instead, that momentum appears to have stalled.
The delay has shaken investor confidence—especially after the probability of the Crypto Market Structure Bill becoming law dropped sharply from 75% to 62%.
But regulation isn’t the only force weighing on crypto right now.
Global Tensions Add Another Layer of Fear
Growing geopolitical risks are now putting even more pressure on already fragile markets.
Fresh reports suggesting the administration may be preparing for possible military strikes against have sparked fears of another major oil price surge.
And that could create an even bigger problem for crypto.
Higher oil prices could push inflation back up—making it less likely that the will cut interest rates anytime soon, a scenario that typically hurts crypto and other risk assets.
At the same time, rising U.S. Treasury yields and record-high Japanese bond yields are tightening financial conditions globally, adding even more weight to the market.
Nearly $1 Billion Forced Out
The selloff didn’t just drag prices lower—it triggered a brutal wave of forced liquidations.
According to CoinGlass, more than 160,000 traders were wiped out over the past 24 hours, with total liquidations reaching nearly $941 million.
One of the largest single liquidations reportedly happened on Bitget, where a Bitcoin position worth more than $32 million was erased.
Even Institutional Money Is Pulling Back
Retail traders aren’t the only ones heading for the exits.
Crypto ETFs continue to bleed capital, adding another layer of pressure to investor sentiment.
U.S. spot Bitcoin ETFs have now recorded six straight days of outflows, totaling nearly $1.44 billion pulled from the market.
On May 22 alone, another $105 million exited Bitcoin ETFs—led once again by , which accounted for roughly $69 million in outflows.
Meanwhile, Ethereum ETFs remain under pressure as well, with nearly $500 million in cumulative outflows since May 11.
What Happens Next?
The next major move may depend entirely on what unfolds this weekend.
Crypto analyst Ash Crypto warns that if tensions with escalate further, Bitcoin could fall toward the $72,000 support zone before any meaningful recovery begins.
But if no military action takes place, the market could be setting up for a strong reversal next week.
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