Bitcoin, Altcoins Price Decline As Crypto Liquidations Near $900 Million In The Past Day
April 13 2024 - 4:30AM
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
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