Over $100B wiped from crypto market in less than three days

Crypto markets don’t need much of a push to fall hard. This time, they got a shove. In the span of roughly three days, the total crypto market capitalization shed over $100 billion. The selloff, concentrated around September 24, saw approximately $150 billion erased in a single 24-hour window. Zoom out to the ten-day stretch between September 18 and 28, and the damage climbs to an estimated $300 billion. Bitcoin fell to around $84,000. Ethereum slid into the $2,670 to $2,687 range. Altcoins, as they tend to do when the tide goes out, fared even worse on a percentage basis. What actually caused this The 10-year US Treasury yield pushed above 5%, a level that historically makes risk assets squirm. Higher yields mean safer alternatives are suddenly more attractive, and capital that was parked in speculative positions starts looking for the exit. Geopolitical unease added fuel. Iranian President Masoud Pezeshkian’s speech at the United Nations, followed by a US delegation walkout, rattled markets already sitting on edge. Oil prices surged in parallel, reinforcing a broader risk-off mood that spread across asset classes. Then came the cascade. With open interest in perpetual futures run...