The crypto market has slipped 1.50% in the last 24 hours, dragged down by negative ETF outflows and the unfolding LIBRA meme coin scandal, which is fueling bearish momentum.

Adding to the pressure, the Federal Reserve’s hawkish stance has sent top coins plunging to fresh local lows.

A flurry of negative crypto news that rocked the headlines on Monday and early Tuesday, Feb.18, has spooked investors and triggered a sell pressure for most coins.

As a result, the crypto market cap has lost close to 2% of its value in the last 24 hours to settle around its 30-day lows of $3.17 Trillion.

Much of the losses may be attributed to the pullback suffered by top coins within this period.

Solana led the crypto slump after crashing by more than 10% to the lows of $168 – levels last seen in early November 2024. Dogecoin led the downfall for meme coins after losing 5% to an intraday low of $0.24.

Bitcoin has also slid by more than 1% for the day, from the highs of $97,000 to the intraday lows of $95,111. The most devastating impact of the day’s pullback would, however, be felt by Ethereum which lost close to 3%.

Note that though the loss may seem negligible, it is significant because it pulled it back from the high of $2,850 to below the $2700 resistance level that it had for close to a week to scale.

Why is Bitcoin and Top Altcoins Down Today?

The crypto meltdown that is being witnessed today may be attributed to three key reasons. First was the news that global crypto ETFs witnessed the first full week of net outflows, exceeding $415 Million, for the first time in 2025.

Secondly, it is worth noting that the CPI data came in higher than expected, which coupled with the Fed’s hawkish stance, has dimmed any hopes of multiple rate cuts this year.

Analysts, therefore, opine that investor attention will most likely shift toward less risky investments, especially when you consider the market is still reeling from the bear crisis triggered by the implementation of Trump tariffs.