Cryptocurrency Market Experiences Sudden Downturn in Prices
On April 12, 2024, at 3:50PM EDT, top cryptocurrencies witnessed a sudden drop in prices, leading to total liquidations nearing half a billion within an hour. The reason behind this unexpected market performance is not clear. It could be influenced by external events like the escalating tension between Iran and Israel. Earlier that day, U.S. President Joe Biden expressed concerns about a potential attack by Iran on Israel, which may have contributed to market instability.
Effects of Crypto Liquidations
- Total cryptocurrency liquidations surged to $466.5 million between 2:00 p.m. ET and 3:00 p.m. ET on Friday.
- Long liquidations accounted for $417.7 million, while short liquidations stood at $50.6 million during this period.
- In the past 24 hours, over 270,000 traders experienced total liquidations amounting to $858.15 million.
Price Decline in Major Tokens
- Bitcoin’s price plummeted from $68,116 to $66,400 within an hour, marking a 2.5% decrease. The leading cryptocurrency’s value has fallen by 5.3% in the last 24 hours.
- Ethereum also saw a drop of approximately 3.3%, falling from $3,324 to $3,226 in the same time frame, resulting in an 8.11% decline over the past day.
- Solana’s token price dipped by 8.5%, decreasing from $166 to $152 recently. The cryptocurrency experienced a negative 13.25% change within 24 hours.
Hot Take: Stay Informed Amid Market Volatility
As a crypto enthusiast, it is important to stay informed and vigilant during periods of market volatility. Rapid price fluctuations can occur due to various factors, including geopolitical events and market sentiment. Keep track of the latest developments and market trends to make informed decisions about your crypto investments.
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