Key Points:
Bitcoin, the leading cryptocurrency, took a steep dive during afternoon trading hours in the United States, plummeting below the $60,660 mark after nearly touching $71,000 just a day prior.
Multiple factors contributed to Bitcoin‘s decline, including options expiry, historical halving patterns, macroeconomic indicators, and technical chart weakness. This downturn triggered a widespread selloff across the crypto market, with Ethereum prices plunging 12% to dip below $2,900. Altcoins such as SOL, ARB, DOGE, BCH, and others also suffered losses ranging from 20% to 35%, with meme coins being particularly affected.
Crypto market liquidations surpassed $900 million, mirroring a similar event from the previous day. Coinglass data revealed over $940 million in crypto market liquidations, with $760 million from long positions and nearly $180 million from short positions in the past 24 hours. Notably, more than 247,000 traders were liquidated, with the largest single order occurring on Binance, where BTC was swapped for USD valued at $8.46 million.
The market’s decline mirrored broader sell-offs in traditional markets, influenced by escalating geopolitical tensions and economic uncertainty. Iran’s launch of drone and missile strikes against Israel, allegedly in retaliation for an airstrike on its consulate in Damascus, Syria, attributed to Israel, further exacerbated market concerns.
However, as Iran announced the cessation of military operations, cryptocurrencies began to rebound sharply. Israel reported no casualties from the Iranian attacks but vowed a significant response.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
The SEC is reportedly fast-tracking approval for spot Ethereum ETFs, which would allow ETFs to…
Decentralized social protocol Farcaster raises $150m in a funding round. The funds will help grow…
The SEC is likely to approve listing spot Ethereum ETFs as the SEC asked Nasdaq…
ZkSync token generation will be launched soon, with an airdrop anticipated around June 13.
Majuro, Marshall Islands, May 21st, 2024, ChainwireMultipool, a leading innovator in the blockchain and cryptocurrency…
Grayscale has submitted an updated 19b-4 form for Grayscale Ethereum Mini Trust.
This website uses cookies.