Bitcoin, Altcoins Price Decline As Crypto Liquidations Near $900 Million In The Past Day

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	438,460,534,520	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

438,460,534,520

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-15.90	-0.43%	3,648.29	3,648.05	3,648.23

Price Change

Price Change %

Current Price

Bid Price

Offer

-15.90

-0.43%

3,648.29

3,648.05

3,648.23

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,720.54	3,625.58	3,668.06	3,664.19	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,720.54

3,625.58

3,668.06

3,664.19

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:49:33	0.085066	3,648.29	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:49:33

0.085066

3,648.29

USD

Price x Volume	Volume	Base Symbol	Related Pairs
267,111,520.76	72,669.55	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

267,111,520.76

72,669.55

Bitcoin, Altcoins Price Decline As Crypto Liquidations Near $900 Million In The Past Day

13/04/2024 9:30am

NEWSBTC

The crypto market took an unexpected hit on April 12 as a spontaneous decline in the price of Bitcoin and prominent altcoins resulted in massive liquidations. The origin of this widespread price dip remains largely unknown, among a plethora of plausible reasons, including a recent price correction in the US stock markets. Related Reading: Will The Halving Send Bitcoin Price To $100,000? Analytics Platform Reveals What You Should Expect Almost $500 Million Liquidated In An Hour Amidst Crypto Flash Crash According to data from CoinMarketCap, Bitcoin slipped by 4.49% in the last day, falling as low as $66,052. As expected, BTC’s decline reverberated through the market, with prominent altcoins Ethereum and Solana recording daily losses to the tune of 8.12% and 12.16%, respectively As earlier stated, these losses translated into 277,843 traders losing their leverage positions as total crypto liquidations reached $877.21 million in the last 24 hours based on data from Coinglass. Of these figures, long positions accounted for $782.98 million, with short traders losing only $94.24 million. Notably, $467 million in leverage positions were closed within an hour as a result of a general price decline. The highest amount of liquidations at $369.85 million was recorded on Binance, while the single largest liquidation order valued at $7.19 million occurred in the ETH-USD market on the OKX exchange. Source: Coinglass Interestingly, Bitcoin’s price decline correlated with a dip in the US stock market as the S&P 500 index declined by 1.6% to trade as low as $5,108. This market crash was preceded by recent CPI data, which showed that the inflation rate rose to 3.5% year over year in March. Such reports only indicate that the US Federal Reserve (Fed) could not be implementing any rate cuts soon as it aims to force inflation down to its annual target of 2%. This prediction is quite bearish for the crypto market generally as Fed rate cuts allow investors to comfortably seek risky assets such as BTC with a potential of high yields. Related Reading: Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment “Down”? Bitcoin Experiences Network Growth As Halving Approaches On a more positive note, Bitcoin has recorded a rise in non-empty wallets on its network ahead of the Halving event on April 19. Blockchain analytics platform Santiment reported an increase of 370,000 BTC wallets holding active coins over the last six days. Interestingly, the analytic team is backing investors to maintain this accumulative trend all through the Bitcoin halving event. At the time of writing, Bitcoin was trading at $66,882, with a 44.80% increase in its daily trading volume, which is currently valued at $43.80 billion. However, Bitcoin’s price has generally been unimpressive in recent times, with a decline of 1.33% and 6.20% in the last seven and 30 days, respectively. Bitcoin trading at $66,499.00 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from The Independent, chart from Tradingview

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