On Wednesday, Bitcoin‘s value dropped more than 5% and fell below $60,000 due to a market downturn that affected both the cryptocurrency and stock markets.
- Bitcoin (BTC) began the day trading for roughly $63,700 per coin. Its price began sinking drastically starting at 1:40 PM UTC, and has plummeted to $59,950 as of 4:45 PM UTC. It trades for $60,475 at press time.
Meanwhile, the price of Ethereum (ETH) has slid back under $3000 to just $2950 at writing time. The S&P500 and Nasdaq 100 have declined 0.68% and 1.27%, respectively.
According to Coinglass, the selloff has triggered $216 million in liquidations across the crypto market in the past 24 hours. That includes over 67,000 affected traders, including one trader who lost $5.4 million on an ETH-USD swap.
Many suspect the market selloff has been triggered by escalating geopolitical tensions between Iran and Israel after the former launched a barrage of drones and missiles against the latter over the weekend.
In a Monday note, a CryptoQuant analyst predicted that Bitcoin could see more downside pressure given that funding rates remain elevated compared to historical averages.
Read More
- Skull and Bones: Navigating the Quest for Extra Teeth in the Game
- Uncovering the Mystery of Red King Players in Clash Royale – What Reddit Users Have to Say
- AAVE PREDICTION. AAVE cryptocurrency
- Discovering the Infinite Power: The Abiotic Factor that Could Change Everything
- UFO PREDICTION. UFO cryptocurrency
- Finding Resources in Palworld: Tips from the Community
- BONE PREDICTION. BONE cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- Gaming News: Like a Dragon: Infinite Wealth’s Dondoko Island Takes Expansion to New Heights
- Unveiling the Mystery of Palworld IVs: What Redditors Have to Say
2024-04-17 20:18