Flash crash!! The crypto market is blood red to welcome Thailand’s Songkran Day, statistics show! More than 280,000 futures traders around the world were liquidated, totaling 32 billion baht, in the past 24 hours. The mood of the voters reduces the degree of greed. So what are the factors behind this disaster?
Amid this disaster, Bitcoin was able to increase its market dominance to more than 54%, reflecting that even though the market plummeted, Bitcoin still firmly held its position as the king of crypto.
Such a fall Happened among Bitcoin and Crypto fans. We are currently counting down to the Bitcoin Halving event, a unique natural phenomenon for the big brother coin that occurs every 4 years. From now on there are only 7 days left.
Last night’s situation Bitcoin began to lose its balance around 8:30 p.m. after falling out of the support level of $70,000. It had recently recovered and tried to support the price in the area of 70,000 – 71,000 dollars, but could not hold on, eventually gradually It continued to decline before losing control at 1:30 a.m. when the price dropped to its lowest point of $65,086 (Binance).
This drop has left many investors worried and wondering why Bitcoin has dropped so suddenly. According to market surveys, it is not clear what the real cause is. But if we consider the current world situation It may be caused by events not directly related to the crypto market, such as the conflict between Iran and Israel. Earlier on Friday, US President Joe Biden told the media that He predicted that Iran would attack Israel. “Sooner than expected”
It is not only the crypto market that is facing a severe price collapse. But traditional financial markets like the stock market are also facing selling pressure. The US stock market closed in negative territory as investors began to worry about geopolitical tensions and economic uncertainty.
Another perspective We analyzed whether or not there was a possibility that it would be a price correction before entering Halving, and after that there might be a rally to create a new ATH within April.
A survey of data from the CoinGlass website found that in the past 24 hours (at the time of reporting) there were $888 million in crypto futures settlements from a total of 284,254 traders. The majority of settlements come from long traders (anticipating that the price will rise).
Crypto Futures Settlement This happened on Binance’s board the most with $374 million, followed by OKX worth $302 million and third place Houbi worth $102 million. And if broken down by coin, BTC came in first ($170 million), followed by ETH (125 million). million dollars) and SOL ($45 million)
The liquidation value this time This is close to the $1.1 billion clearing of the portfolio on March 5, when Bitcoin performed a miracle, the eight meter red bar plummeted to a low of $59,000, hurting most of the long side. The heaviest
The Crypto Fear & Greed Index today dropped to 72 or the Greed level, reducing the global level from yesterday at 79 or the Extreme Greed level.
Crypto market capitalization is $2.39 trillion today (-8.67%), trading volume is $132 billion (+68.19%), with Bitcoin accounting for 54.36% of the market capitalization.
Source: coinmarketcap coinglass theblock watcher
2024-04-13 02:50:00
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