A sharp sell-off once again affected the cryptocurrency market today. With the decline accelerating throughout the day, Bitcoin (BTC) fell below the $92,000 level, while Ethereum (ETH) lost the psychological $3,000 threshold.
The market decline was further deepened by mass liquidations of heavily leveraged positions.
The price of Bitcoin fell 2.46% in the last 24 hours to $91,789. The weekly loss is 13.29%. BTC’s market capitalization has fallen to $1.83 trillion.
The Ethereum price also suffered from the sharp market decline. ETH fell 3.54% to $2,984, a weekly decline of 16.35%.
Chart showing the decline in ETH price.Solana attracted attention with a 21.98% weekly loss, while Cardano’s loss reached 21.39%. One of the biggest factors in the deepening market decline was the mass liquidation of leveraged positions. According to Coinglass
- 1-hour liquidations: $122.26 million
- 4-hour liquidations: $274.98 million
- 12-hour liquidations: $579.83 million
- 24-hour liquidations: $795.36 million
The most liquidated assets were:
- BTC: $396.65 million
- ETH: $165.65 million
- ZEC: $44.52 million
- XRP: $43.50 million
- LEFT: $37 million
The US macro environment, uncertainty surrounding the Fed’s interest rate decision, and the intense selling pressure experienced in the crypto market in recent days are straining investor sentiment. Analysts note that similar price movements can rapidly deepen during periods of high leverage.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-drops-below-92000-ethereum-falls-below-3000-heres-the-latest-situation-on-the-dark-night/
