The cryptocurrency market has suffered a widespread decline, with Bitcoin leading the way. BTC fell from almost $71,000 to below $65,300, before moving back slightly. The price of Ether also fell, as did altcoins, with some losing more than 20% of their value.
The cryptocurrency market faces a cascade of liquidations
Yesterday, the price of Bitcoin fell throughout the afternoon, dragging the entire cryptocurrency market into the red. After very briefly touching $71,000, BTC fell below $65,300 at the end of the day. However, it has since recovered, and is currently trading at around $67,400.
Ether, the second most capitalized cryptocurrency on the market, experienced a more marked fall. While Bitcoin fell just under 8% on the day, the price of ETH fell as much as 12%, from over $3,530 to around $3,100.
Altcoins have also all fallen more or less pronouncedly. Some of the most capitalized cryptocurrencies have seen their prices drop particularly sharply, including SOL (-12%), XRP (-11%), AVAX (-17.7%), LINK (-15%) and even the NEAR (-16.4%).
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The memecoin category was particularly affected by the decline in the crypto market, the WIF, the PEPE, the FLOKI, the BONK all having lost almost 20% over the same period. DOGE and SHIB, which have a much larger market capitalization than the previously mentioned memecoins, experienced a more mixed decline, losing 14 and 12% respectively.
Generally, the cryptocurrency market has seen its market capitalization fall by almost 7% over the last 24 hours.
According to data provided by Coinglass, more than $936 million has been liquidated on positions opened by traders over the last 24 hourswhich constitutes the largest cascade of liquidations over the last 30 days.
Liquidations of short (red) and long (green) positions on the cryptocurrency market
If we take a step back, Bitcoin still remains up 150% over the last 6 months. A progression supported on the one hand by the renewed confidence of crypto investors, and on the other hand by spot Bitcoin ETFs.
The appeal around these new investment products in the United States is such that according to a recent report from Glassnode, trading volumes on ETFs now representing 30% of all crypto spot markets.
Buy Bitcoin ETNs and cryptocurrencies with XTBThis fall in Bitcoin and the crypto market as a whole is taking place while the halving is now less than a week away, with the date of this major quadrennial event scheduled for April 20. Historically, the price of BTC has always experienced a significant increase in the year following the halving, sometimes with a short-term correction.
History of the evolution of the price of Bitcoin pre and post halving
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According to a recent publication by Tencent News, Hong Kong could accept spot Bitcoin ETFs as early as next Monday, which would provide additional support to the ongoing bull run.
Buy cryptos on eToroSources: Coinglass, Glassnode
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