On Friday night and Saturday, the cryptocurrency markets experienced sharp declines. This downward trend occurred twice during this period.
In simpler terms, the entire market has experienced significant losses, amounting to an additional $200 billion. The recent liquidations have reached a staggering $1.6 billion ($700 million previously plus $900 million).
The primary cryptocurrency was doing great with its price hovering around $70,000 to $71,000 until Friday evening. But things took a turn following the US Fed’s speeches on that day, which failed to indicate any imminent adjustments in monetary policy regarding interest rate reductions.
Within just a few short minutes, the value of Bitcoin dropped by around $5,000 to $65,000, resulting in roughly $900 million in losses for approximately 300,000 traders.
The market crash affected not just cryptocurrencies but also assets such as Wall Street and gold. However, recent occurrences specifically pertain to crypto since its market is continuously open for trading.
The price of Bitcoin bounced back slightly and was hovering near $67,000 recently. Yet, it experienced another significant drop within the last few hours, reaching a multi-week low around $61,000.
Nearly all altcoins have experienced significant price declines, with double-digit percentage drops observed in coins like Solana (SOL), Ripple (XRP), Binance Coin (BNB), Dogecoin (DOGE), Shiba Inu (SHIB), Avalanche (AVAX), and numerous others.
In just one day, the overall value of the cryptocurrency market dropped approximately $200 billion. Since early Friday morning, this decline has amounted to over $400 billion.
In the last 24 hours, the volatile price changes caused approximately 220,000 traders to experience losses totaling around $800 million, as reported by CoinGlass.
The recent drop in prices may be a result of the heightened conflict between Israel and Iran, leading to this outcome.
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2024-04-13 23:40