Over the weekend, the cryptocurrency market witnessed a wave of selloffs, leading to record liquidations totaling over $1.2 billion in Bitcoin long positions alone. Bitcoin, which had been trading close to the $62,000 mark, saw a significant drop, while Ethereum neared a precarious dip below $3,000. This downturn sent ripples across the market, causing a 4.00% decline and lowering the total market capitalization to $2.38 trillion.

Adding to the market turmoil, tensions between Iran and Israel intensified, further fueling selling pressure. As geopolitical concerns heightened, Bitcoin fell below the $62,000 threshold, with other top altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin also experiencing declines in value.

Despite the overall pessimistic sentiment reflected in the Fear and Greed Index, which dropped by 9 points to 65 out of 100, there were notable outliers in the market. The #CORE token saw a remarkable gain of over 59% within a 24-hour period, showcasing pockets of resilience amid the broader downturn. However, not all coins fared as well, with #SEI emerging as the biggest loser, experiencing a 24-hour dip of over 10%.

In regulatory news, Hong Kong’s decision to accept Bitcoin and Ethereum ETF applications ignited both optimism and caution within the market. While this move could potentially open up new avenues for investment, regulatory scrutiny remained a key concern. In the United States, spot Bitcoin ETFs faced challenges as net inflows dipped by approximately $37 million, reflecting investor hesitancy amidst regulatory uncertainty.

Meanwhile, scrutiny surrounding regulatory oversight in the cryptocurrency space intensified as Senators Elizabeth Warren and Chuck Grassley requested records of communications between CFTC Chair Behnam and FTX’s ex-CEO, Bankman-Fried. The aim of this inquiry is to examine potential conflicts of interest and ensure robust market regulation.

In the midst of regulatory developments, Trust Wallet issued a warning to iPhone users regarding a zero-day exploit threat targeting the platform’s iMessage feature. With the potential to seize control without user interaction, this exploit posed a significant risk to high-value accounts, prompting calls for caution and vigilance among users.

Over the weekend, the cryptocurrency market witnessed a flurry of activity, with record liquidations totaling over $1.2 billion in Bitcoin long positions obliterated in a single day. As Bitcoin teetered close to the $62,000 mark and Ethereum flirted with a drop below $3,000, the market collectively braced itself for what lay ahead.

The crypto landscape was further ignited by news from Hong Kong, where applications for Bitcoin and Ethereum ETFs were accepted, injecting a newfound sense of optimism into the market. However, this optimism was short-lived as US spot Bitcoin ETFs faced a rocky start to the week, with net inflows dwindling by approximately $37 million.

Amidst these developments, BlackRock’s BTC ETF recorded sole inflows among U.S. spot Bitcoin funds over two days, highlighting ongoing interest in cryptocurrency investment products despite market volatility. However, Grayscale Bitcoin Trust (GBTC) saw $110.1 million in outflows, underscoring the complex dynamics at play within the cryptocurrency investment landscape.

As the cryptocurrency market continues to navigate through turbulent waters, staying informed and exercising caution remain paramount for investors and stakeholders. With geopolitical tensions, regulatory scrutiny, and technological vulnerabilities shaping market dynamics, adaptability and resilience will be key traits for navigating the ever-changing landscape of digital assets.