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Why is the crypto market down today? The cryptocurrency market is flashing red today, with the total market capitalization dropping by 2% to about $3.13 trillion on Feb. 18. While the crypto market is known for its volatility, several concrete factors have contributed to this latest dip, including: Liquidations across the crypto market pulling down crypto prices. Investors are in risk-off mode amid high outflows from crypto investment products. Weakening market technicals hint at further downside. Solana leads market slump Today’s crypto market decline is part of a correction that started on Feb. 15, when the Argentina President Javier Milei-endorsed LIBRA token was “rug-pulled,” causing a loss of investor funds.  The sell-off continues on Feb. 18, including: Solana leads the market downturn, 9% over the last 24 hours to trade just below $170. Bitcoin and Ether posted moderate losses, down 0.5% and 2%, respectively. Other top-cap cryptocurrencies such as XRP , Dogecoin , and Bina Chain’s are also down 3.3%, 4% and 2%, respectively. Compounding the issue are the significant liquidations in the crypto market.  The sell-off has triggered a cascade of leveraged position closures, with over $280 million in crypto liquidations recorded over the last 24 hours.   Long SOL leveraged positions totaling $29.75 million were also liquidated on the day.  This exceeds the $21.4 million in long BTC leveraged position liquidations. Over 128,350 traders were liquidated in the past day, with the largest single liquidations taking place on HTX involving an ETH/USDT trade worth $2.65 million. A predominance of long liquidations suggests that the crypto market was overleveraged on the bullish side. Investors de-risk from crypto investment funds The crypto market’s ongoing correction aligns with the huge capital flows from the crypto investment products.  Key takeaways: Digital asset investment products ended a 19-week inflow streak to post their first significant outflows totaling $415 million during the week ending Feb. 14, as per CoinShares report. This indicates institutional investors increased their exposure to digital assets. Bitcoin bore the brunt of investor outflows, totaling $430 million. The year-to-date inflows dropped from $7.4 billion previously to $6.9 billion last week. CoinShares head of research James Butterfill attributed this to de-risking sentiment surrounding the latest US Consumer Price Index (CPI) data and “hawkish Fed rhetoric.” “We believe these outflows were triggered by the Congressional meeting with Fed Chair Jerome Powell, who signaled a more hawkish monetary policy stance, coupled with US inflation data exceeding expectations.” Note that: The CPI data for January came in higher than expected. This significantly dampened the expectation for multiple rate cuts in 2025.  The odds of the Fed keeping interest rates unchanged at the March 19 FOMC meetings are now at 97.5%. The earliest possible rate cut is expected in July, but the odds are still at just 44.3%. Crypto market faces stiff resistance Today’s drawdown in crypto prices has seen TOTAL—the combined market capitalization of all cryptocurrencies—is part of a correction that started on Jan. 31, which saw the price flip a key support zone into resistance. Key points to note: TOTAL trades below a key resistance level of $3.3 trillion, where 50-day and 100-day simple moving averages (SMAs) appear to converge. The relative strength index (RSI) has dropped from overbought conditions at 75 on Jan. 17 to the current level at 40.  This suggests that the market conditions still favor the downside. Further, selling could see the crypto market likely drop toward the $3.03 trillion support. Note that this has been a key support for TOTAL since Feb. 6. Contrarily, a resurgence in buying pressure could push the crypto market cap back above the $3.2 trillion mark or higher to confront resistance from $3.3 trillion. According to popular analyst Crypto Zone, ”the crypto market is experiencing a cautious mood,” with the Fear and Greed Index sitting at 35. The analyst added: “This suggests investors are cautious, but it could also present a buying opportunity for those looking to enter the market.” $BTC

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Argentine president Javier Milei is defending himself amidst accusations of fraud and calls for impeachment following his promotion of the $LIBRA token. Speaking during an interview with Jonatan Viale on TN’s “¿La Ves?” on Monday, Milei claimed he simply shared information about the project rather than actively promoting it. “I didn’t promote it, I shared it,” Milei explained. “I did it because I’m a fanatical techno-optimist.” “I acted in good faith and I got slapped,” Milei said, addressing the controversy. He maintained that the incident affected only a small number of Argentines, with most investors being Chinese and American. Explaining the reason for sharing, Milei stated that he shared the $LIBRA token information because he is enthusiastic about such projects and discovered it shortly after its creation. “I shared this like I shared hundreds of things. My tweet was three minutes after the coin was created because I am a fan of this stuff,” he mentioned. Milei claimed that those who invested in $LIBRA were well aware of the risks involved. He disputed claims of widespread impact, insisting that the actual figure was far less than 44,000. “The claim that 44,000 people were affected is simply wrong. The real number is closer to 5,000, at most. And it’s highly unlikely any Argentinians were involved. These are sophisticated traders, volatility traders who knew what they were getting into,” he asserted. “…they did it voluntarily.” The president revealed he met Hayden Davis, who facilitated the token launch , at Casa Rosada in October 2024. He said that Davis proposed creating a financing structure for entrepreneurs lacking traditional funding options. “When the Libra thing became public, I spread the word,” Milei said, explaining that his first tweet was to help Argentines who do not have access to traditional financing. When asked why he deleted the tweet, Milei said he removed it due to negative feedback. “When people started saying my account was hacked, I pinned the tweet to show it was really me. But then the negative comments piled up, so I took the tweet down to avoid confusion. I never actually deleted it, though – I just hid it,” he said. He denied government involvement in the operation but warned that “if the justice system determines otherwise, heads will roll.”