As a researcher who has closely followed the cryptocurrency market for the past few years, I cannot help but feel a sense of frustration and disbelief as I observe yet another volatile day in this rollercoaster ride. Today’s events have been particularly painful, with bitcoin plummeting to its lowest price position in over two months, below $59,300. The altcoins’ situation is even worse, with ETH dropping below $3,000 and several double-digit percentage declines across the board.
Bitcoin‘s trading day grows increasingly unpleasant as the leading cryptocurrency suffers another blow, plunging to a two-month low of approximately $59,300.
The state of altcoins is more discouraging than that of Bitcoin, as Ethereum falls beneath the $3,000 mark, Solana plunges by 8%, and several other cryptocurrencies experience double-digit percentage decreases.
Earlier today, the price of bitcoin saw a significant surge as buyers took control, pushing the asset close to hitting the $65,000 mark for the first time in several days.
Despite not reaching that mark during its initial launch, the setback resulted in significant consequences. In the midst of the underperforming debut of Bitcoin and Ethereum ETFs in Hong Kong, Bitcoin experienced a decline of several thousand dollars throughout the day and continued to drop in value in the hours that followed.
The price dropped significantly, reaching a low of $59,100, which was the cheapest it had been since late February.
The cryptocurrency Ethereum (ETH) has also experienced significant losses, with its value dropping more than 7% within the last 24 hours. Presently, ETH is trading significantly below the $3,000 mark.
The cryptocurrencies SOL, DOGE, SHIB, AVAX, LINK, NEAR, UNI, and HBAR have experienced significant losses in value over the past few days, with SOL and LINK down by -8%, DOGE, SHIB, and AVAX at -7%, NEAR at -10%, and UNI and HBAR suffering even greater declines of -10%. Many other cryptocurrencies have also faced similar or more painful losses.
As a result, the value of liquidated positions has soared to approximately $400 million per day. In this period, over 110,000 traders have suffered losses, with the largest individual position being liquidated on Bybit, valued at over $5 million.
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2024-04-30 23:19