Why Crypto Market is Down Today? BTC Rejection at $117k, ETH Hit by Liquidations
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The post Why Crypto Market is Down Today? BTC Rejection at $117k, ETH Hit by Liquidations appeared first on Coinpedia Fintech News The cryptocurrency market is ailing under pressure today, with the market cap dropping 1.95% to $3.96 trillion. Trading volume stands at $135.69 billion, reflecting reduced participation compared to recent sessions. Bitcoin dominance has edged higher to 57.6%, while Ethereum holds 13.1%. The Altcoin Season Index stands at 67/100, indicating a partial rotation into BTC. Sentiment remains muted, with the Fear & Greed Index at a neutral 47, while the average crypto RSI at 36.18 suggests the broader market is in oversold territory. Why the Market is Falling? The decline comes from a mix of regulatory pressure, leveraged positioning, and weakness across major altcoins. Regulatory Pivot Markets reacted negatively to the SEC’s updated ETF guidelines issued on September 21. While they clarified the framework for crypto funds, the stricter compliance checks weighed on sentiment, especially for altcoins. In parallel, the U.S. Treasury opened a comment period for the GENIUS Act, which may impose reserve rules on stablecoins. These updates raised caution about XRP and Solana ETF approvals expected later this year. Traders are closely watching the SEC’s ruling on Grayscale’s multi-asset ETF due by September 30. Derivatives Overhang Perpetual open interest surged 18% to $929.3 billion, while futures hit $3.9 billion. However, funding rates turned slightly negative at -0.0038%, pointing to excessive long leverage. This set the stage for a flush-out. The correlation between Bitcoin and Nasdaq-100 dropped to 0.55, weakening macro support. Analysts warn that a break below the $3.93T total market cap level (50-day EMA) could trigger further algorithmic selling. Source: CoinGlass Altcoin Weakness Altcoins are bearing the brunt of today’s move. Dogecoin slumped 7.5% as whale accumulation couldn’t offset retail selling. OpenLedger plunged 15% following an…
Filed under: News - @ September 22, 2025 7:22 am