Bittime -The global crypto market experienced high volatility when the price of Bitcoin experienced a drastic decline. On Wednesday, the largest digital asset, Bitcoin, saw a drop of around 10% in 24 hours, leading to huge losses across the crypto market. As a result, the cumulative crypto market capitalization fell by more than 8%, to $2.15 trillion.
Crypto Liquidations Top $450 Million
According to Coinglass data, around 140 thousand traders were liquidated in the last 24 hours, with total liquidations reaching $450 million. The largest liquidation occurred on crypto exchange OKEx, involving $6.07 million worth of ETH-USDT-SWAP.
Approximately $100 million was liquidated within 1 hour, with 95% of that total liquidation coming from long positions. This shows traders' hopes for a reversal of the downward trend, even though the crypto market continues to decline.
Check Today's Crypto Market:
Impact on Bitcoin Price
Bitcoin price fell about 10% in the last 24 hours and more than 13% in the last 7 days. BTC price is currently around $57,606 with 24-hour trading volume increasing 72% to $43 billion.
April has been a challenging month for Bitcoin as it marked its worst performance since November 2022, when the collapse of Sam Bankman-Fried (SBF)'s FTX empire. Investors' hopes for the launch of a US exchange-traded fund (ETF) for Bitcoin have diminished.
Also Read How to Buy Crypto:
ETF craze starting to die down?
Previously, the ETF craze helped Bitcoin hit a record of nearly $74,000 in March. However, with investors' changing appetite for riskier assets and reduced expectations of a Federal Reserve interest rate cut, inflows into these products have slowed.
The 11 US spot ETFs recorded net outflows of $182 million in April, in contrast to net inflows of $4.6 billion in March. Despite gaining regulatory approval from the US Securities and Exchange Commission (SEC) in January, ETFs failed to maintain excitement among investors.
Also read: The Influence of Bitcoin Prices on the Fate of Altcoins
Impact on Crypto Mining Stocks
Crypto mining stocks, including Marathon Digital Holdings Inc. and Riot Platforms Inc., experienced losses as Bitcoin prices fell. Meanwhile, MicroStrategy Inc., known for its Bitcoin holdings, reported a loss in the first quarter even though the cryptocurrency surged during the period.
Check Crypto Prices Today:
The decline in Bitcoin prices has triggered volatility in the crypto market, affecting various aspects including liquidations, ETFs, and crypto mining stocks. Despite facing challenges, the crypto market remains the main focus for investors and market players who want to take advantage of potential profits in the future.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Classic Pattern of Bitcoin Price Reversal
Why Did Bitcoin Prices Drop After Bitcoin Spot ETF Was Approved?
This Signal Could Be a Sign of a Bitcoin Price Reversal
Memecoin Falls Dragged by Falling Bitcoin Prices
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.