In the past 24 hours, the market has witnessed significant crypto sell-offs as asset prices drop dramatically. According to on-chain information, approximately $200 million worth of leveraged crypto positions have been forcedly closed in just the last hour.
In the past 24 hours, the overall amount has reached $885 million, causing varied responses among investors in the market. According to CoinGlass, today’s significant drop represents the most considerable derivative settlement of this month.
On social media platforms, traders grew anxious as they watched their gains from this month being wiped out by the sell-off. The crypto market is now showing a loss, but some users believe that this could present buying opportunities based on the popular saying “buy the dip.” These losses came as some investors anticipated record highs for Bitcoin (BTC) due to inflows and the upcoming halving event, leading to forced sales or liquidations.
What’s Going On?
Recently, there’s been a surprising change in direction for this situation, influenced by larger economic issues and ongoing conflicts in the Middle East. Just now, reports emerged suggesting that Iran could be planning an attack against Northern Israel, adding fuel to the regional tension.
The recent turbulence in the crypto market leading to numerous liquidations was initially sparked by traditional assets, even as gold prices rose. However, crypto optimists believe that this instability may actually lead to increased buying activity in the market afterward. As noted by prominent crypto commentator @ZachDWest, the volatile nature of cryptocurrencies often results in temporary liquidations.
“Bitcoin‘s volatility may be unsettling now, but it won’t last forever. In the long run, each bitcoin unit you hold will potentially increase in value, making your savings worth more as you grow older. This growth could be exponential and consistent. Bitcoin functions as a stable investment, despite its current fluctuations. Take a step back and look at the bigger picture.”
Assets Prices Spark Crypto Liquidations
In the past 24 hours, the broader cryptocurrency market has dropped by 7%, triggered by substantial withdrawals from digital currencies. Bitcoin specifically has declined by 5.21%, erasing its weekly profits. Likewise, altcoins suffered considerable outflows and some experienced losses up to 17%.
In the past 24 hours, Ethereum (ETH) experienced a loss of 8.65%, Solana (SOL) had a decline of 14.49%, and Ripple (XRP) saw a drop of 12.4%. The market took a significant hit as Cardano (ADA) and Avalanche (AVAX) both suffered losses of approximately 17% and reached new lows.
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2024-04-12 23:41