Why is the Crypto Market down Today? $140 million Liquidated in the Past 4 Hours
The post Why is the Crypto Market down Today? $140 million Liquidated in the Past 4 Hours appeared first on Coinpedia Fintech News
The total cryptocurrency market has continued to shrink in the past 24 hours, fueled by increased traders’ confusion. Despite the notable piling of positive crypto sentiments in the past few months, Bitcoin price has failed to maintain bullish momentum after reaching the psychological barrier of around $74k.
According to the latest market data, Ethereum (ETH) price dropped more than 5 percent on Tuesday to reach a low of around $2,962. In a bid to remain in the game, more investors have been fleeing the altcoin market into the stablecoins industry and the Bitcoin market. Furthermore, Bitcoin’s dominance spiked 1 percent higher to around 55.16 percent on Tuesday.
Heavy Crypto Liquidation Registered
— 3Verse Global (@real3Verse) April 30, 2024
JUST IN:
In the last 4 hours, $140 million has been liquidated from the crypto market.#CryptoUpdate #CryptoLiquidation #MarketUpdate
Following the tangible increase in crypto volatility, more than $100 million in long traders were liquidated in the past four hours leading to this publication. In the past 24 hours, nearly $300 million has been rekt in the crypto market.
The heavy crypto liquidation is expected in the coming days amid high-impact news from the United States Federal Reserve. Notably, the US Fed will release crucial data on interest rates and FOMC on Wednesday.
Meanwhile, the sentencing of former Binance CEO CZ will likely cause further turmoil in the coming days.
On the Flipside
The cryptocurrency market is already in a macro bull cycle following the recent Bitcoin halving and the approval of spot BTC ETFs in Hong Kong and the United States. As a result, a possible crypto rebound could send Bitcoin price to a new all-time high (ATH) anytime in the coming months.
