The total crypto market cap slipped below $2 trillion for the first time since the bullish breakout in February. Bitcoin’s (BTC) price dropped more than 10 percent in the last 24 hours to trade at about $54,425 on Monday during the early Asian session. The altcoin industry – led by Ethereum (ETH), Solana (SOL), BNB, and XRP – registered a double-digit percentage loss.

As a result, more than $808 million was liquidated from the crypto industry in the past 24 hours, mostly involving long traders.

Ethereum led in crypto liquidations, with nearly $300 million rekt in the past 24 hours, while the Bitcoin market registered around $239 million.

Bitcoin Joins Stock Markets in Capitulation

After the major stock indexes liquidated significantly on Friday, the fear of further capitulation escalated and impacted the crypto industry. Legendary stock market trader Warren Buffett offloaded a major investment from Apple Inc. and now holds a whopping $277 billion in cash.

Japan’s Topix and Nikkei indexes tumbled more than 20 percent from July peaks, thus signaling further market strains.

Consequently, Bitcoin’s fear and greed index dropped to 26 percent—denoting fear—up from 74 percent—greed—last week. Furthermore, the US-based spot Bitcoin ETFs registered a net cash outflow of about $237 million on Friday.

What Next?

Amid the ongoing crypto capitulation, Bitcoin’s dominance rallied to around 57.79 percent, the highest level since May 2021. According to market analysts, the crypto capitulation could continue in the coming two months before an anticipated rebound in the fourth quarter.

From a technical standpoint, Bitcoin price could further drop to the support range between $47k and $50k in the coming weeks. Furthermore, Bitcoin price on the weekly time frame has seen the Relative Strength Index (RSI) consistently close below the 50 percent level, indicating more pain ahead.