As a seasoned researcher with extensive experience in the crypto market, I find myself deeply concerned about the recent turn of events. The Bitcoin price crash to $55,000 has triggered a wave of panic selling in the altcoins market, with Ethereum and most top ten altcoins experiencing significant losses. With Ethereum losing its crucial support at $3,000, the total liquidations for ETH have surpassed those of Bitcoin in the past hour and 24 hours.
The Bitcoin price plummeting to $55,000 has intensified selling in the altcoin market, with Ethereum and most top ten cryptocurrencies experiencing significant drops. Ethereum’s price, for instance, has fallen by around 10-20%, while failing to hold onto the important $3,000 support level.
Altcoin Market Crash, Ethereum Faces Most Liquidations
As a market analyst, I’ve noticed a substantial disruption in the crypto sphere. Based on Coinglass’s data, approximately 221,704 traders encountered liquidations within the last 24 hours. The most notable single liquidation order took place on Binance in the ETH/USDT trading pair, with a value of $18.48 million.
On the hourly chart, the Ethereum liquidation events surpassed Bitcoin’s for the first time in the past hour. In this hour alone, Ethereum liquidations reached $44.5 million, and over the past 24 hours, they amounted to $107 million. Notably, significant liquidation events have also occurred for various other altcoins.
In spite of the indications pointing towards an Ethereum ETF being launched by the end of July, the Ethereum price has responded adversely and is predominantly reflecting the broader market downturn.
As a researcher studying the Ethereum market, I’ve taken note of Anthony Sassano’s recent insights on the current market dynamics surrounding Ethereum (ETH). He has brought attention to the potential impact of Grayscale’s Ethereum Trust (ETHE) on ETH’s price action.
Sassano brought up the ambiguity regarding the fee structure of ETHE after the conversion. He proposed that the fees might be significantly less than expected or possibly eliminated temporarily to entice investors towards Grayscale’s mini-trust.
FUD Reaches Historic Levels
In the face of increasing losses in the cryptocurrency market, there is growing anxiety, apprehension, and doubt (FUD) among investors as expressed on social media. According to data from Santiment, a provider of on-chain analytics, the number of sell mentions has surpassed buy mentions hourly.
In the last 24 hours, there have been numerous occurrences of this trend, resulting in a record-high ratio of negative to positive comments according to Santiment. For daring investors, this extended period of pessimism might serve as an intriguing chance to employ a contrarian approach and purchase securities during the widespread discontent and irritation.
In the realm of altcoins, the memecoin segment has experienced particularly steep declines, with each top memecoin suffering losses between 17% and 25%. It remains to be seen if these meme coins will recover or if this marks the demise of the memecoin trend.
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2024-07-05 07:22