Bitcoin dropped to its two-week low of $76,700 on Monday as the crypto market experienced a selloff, leading to nearly $661 million in liquidations in the past 24 hours. According to The Economic Times, the cryptocurrency was trading at $76,764 mark, with other tokens including Ether and Solana also declining. The price weakness comes as cryptocurrencies across the board saw nearly $500 million in liquidations of bullish bets within 15 minutes during early Asia trading on Monday, with the latest data showing even higher liquidation volumes. As per CNBC TV18, liquidations occurred after Bitcoin dropped below a crucial support level at about $77,800, with bullish trades worth almost $550 million being unwound in Singapore between 6:30 and 10:30 in the morning.
The crypto market selloff extended beyond Bitcoin, with major cryptocurrencies experiencing significant declines. In the past 24 hours, Bitcoin slipped 2% and Ethereum went down 3% to trade at $2,114, according to The Economic Times. Among the major altcoins, BNB, XRP, Solana, Dogecoin and Cardano corrected up to 3%, while Tron and Hyperliquid were the only gainers, rising 0.7% and 7% respectively. The broader market weakness follows Bitcoin's rejection near the $82,000 resistance zone, which triggered a broader pullback across digital assets. In the past week, Ethereum slipped 9% and Bitcoin fell 5%, with major altcoins BNB, XRP, Solana, Dogecoin, Cardano correcting up to 11%. As per The Economic Times, the crypto market remains under pressure after Bitcoin faced rejection near the $82,000 resistance zone, triggering a broader pullback across digital assets.
The global crypto market capitalization declined by 1% to $2.56 trillion as the selloff unfolded, with Bitcoin's dominance increasing to 58.4% according to latest data. This represents a significant shift in market dynamics as investors seek refuge in the largest cryptocurrency during the current volatility. The decline followed a brief rally driven by optimism around the CLARITY Act's progress in the U.S. Senate Banking Committee, but broader macroeconomic concerns took precedence. The Fear & Greed Index, a widely followed sentiment indicator, fell into "Fear" territory, reflecting the heightened caution among traders as the market enters a consolidation phase with Bitcoin trading near $78,000 as of May 18, 2026.
The cryptocurrency market has been under pressure in recent days as uncertainty around the US war with Iran weighed on risk assets. As reported by The Economic Times and CNBC TV18, US-listed spot Bitcoin exchange-traded funds saw more than $1 billion in outflows last week for the first time since late January. The sudden fall in Bitcoin prices "appears to have triggered a stop run in the absence of any macro headlines," said Sean McNulty, Asia-Pacific derivatives trading lead at FalconX, with the weakness "compounded by lingering downside hedging from last week." Monday saw an increase in oil prices, a rise in bond yields, and a fall in Asian stocks, coinciding with the failure to reopen the Strait of Hormuz, a vital conduit for trade. The "clock is ticking" for Iran to reach an agreement, according to President Donald Trump.
