The crypto market today slipped as traders reacted to renewed geopolitical stress, weaker risk appetite, and fresh pressure across major assets. Bitcoin remains under $77,000, and Ethereum remains over the $2,000 support level. XRP and HYPE traded lower, as NEAR price surged 10% during the session on Tuesday.
Crypto Market Falls as US-Iran Tensions Weigh on Risk Appetite
Crypto Market weakness continued as traders turned to safer assets in reaction to re-emerging tensions between the US and Iran. The total market value decreased by 0.74% to $2.56 trillion 24 hours ago.
US Secretary of State Marco Rubio stated that an agreement with Iran may be “days away. But new strikes in the U.S. left markets cautious.
The U.S. reportedly attacked missiles sites and boats in the southern part of Iran. They said that the operation was meant to defend American forces in the region.
The opposing signals caused investors to be confused. The peace talks went on while military operations remain a force on the global markets.
Weaker tone was fueled by bitcoin liquidations. This asset’s liquidations were valued at $51.21 million in 24 hours.
If Bitcoin breaks below its near-term support, it will put more pressure on sellers. Buyers have yet to defend important levels around $75,700, though.
Bitcoin and Ethereum Slip as ETF Outflows Add Selling Pressure
Bitcoin price dipped 0.62% in 24 hours to $76,718. The BTC has been trading below $77,000 while buyers awaited support.
BTC remains above the $75,700 support level. The price may test $78,250 resistance if it bounces off the support level.
But if there is a break below the support, the outlook for the near-term is set to change. If so, Bitcoin could end up heading towards $72,000.
The overall sector of cryptocurrencies was also subjected to more stress from ETF flows. The net outflows from spot Bitcoin ETFs last week totaled $1.257 billion.
The outflows were for the days 18th to 22nd May. They were a weak sign in a tough trading week.
The pressure on the market continued, causing the price of Ethereum to decline as well. ETH fell 0.62% to $2,096.61 over 24 hours.
Ethereum held above the significant support area of $2,000. Buyers have defended this level, and ETH may test $2,150 resistance if buyers can hold on.
A breakdown below $2,000 would be a negative development for the setup. It might pave the way for a shift toward $1,900.
Spot Ethereum ETFs also saw weaker flows. They had net outflows of $216 million for the same week.
XRP and HYPE Face Support Tests Amid Liquidity and Unlock Concerns
XRP price traded at $1.34 after falling 1.25% over 24 hours. The token continued to be under pressure as traders watched for signs of liquidity.
XRP liquidity on Binance dropped significantly in recent times. The drop was the lowest since January 2020.
Source: Crypto QuantXRP is currently trading around $1.30–$1.33, the support level. If the area is held, it will help stabilize the token.
The CME 24/7 futures launch on May 29 is also under close monitoring by traders. This event may enhance the market access and trading interest.
But a pullback below support will decrease sentiment. XRP may then be about to break back deeper towards $1.20.
Selling pressure was also experienced by Hyperliquid during the session. HYPE fell 5.61% to $59.58 over 24 hours.
The decline came as traders watched a major token unlock event. The unlock is reportedly worth nearly $500 million.
NEAR Surges 10% as Arthur Hayes Endorsement Boosts Sentiment
NEAR Protocol moved against the wider market trend. The token rose 13.92% to $2.72 over 24 hours.
Arthur Hayes’ public endorsement helped lift sentiment around NEAR. His comments added attention to the token during a cautious session.
Source NEAR priceStrong activity around NEAR Intents also supported demand. The activity pointed to growing use across the network’s ecosystem.
A fresh exchange listing added another positive catalyst. It gave traders more access and improved visibility for the asset.
Source: https://coingape.com/markets/crypto-market-today-btc-eth-xrp-hype-near/
