Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Major Sell-Off Rocks Crypto Market: Bitcoin, Ethereum, and Altcoins Plunge

Published 04/13/2024, 05:18 PM
Updated 04/13/2024, 05:45 PM
Major Sell-Off Rocks Crypto Market: Bitcoin, Ethereum, and Altcoins Plunge
BTC/USD
-
ETH/USD
-
ADA/USD
-
SOL/USD
-

  • Long liquidation was almost eight times those of shorts as prices tumbled.
  • Resistance at $70,602 might stop BTC’s recovery while ETH could drop to $3,082.
  • SOL might swing sideways but ADA might rise toward $0.55 if buying pressure appears.

The crypto market has had a rough last 24 hours as prices crashed and liquidations hit unimaginable numbers. According to Coinglass, about $937.32 million worth of leveraged positions were wiped out of the market in the last 24 hours with longs suffering a major part of it. While long liquidations were worth $825.14 million, shorts only accounted for $112.12 million.

Crypto Market Liquidation (Source: Coinglass)

The reason for this wipeout was glaring as Bitcoin (BTC) collapsed to $65,000. Ethereum (ETH) was included as its price plunged to $3,100. Solana (SOL) declined to $141 while Cardano (ADA) was the worst performer out of the top 10.

An occurrence like this could be tagged a pre-halving rally considering that the Bitcoin halving is about seven days away, with miners facing financial pressure and taking out liquidity from the market. Here is how prices might fare going forward.

Bitcoin (BTC)

At pres…

The post Major Sell-Off Rocks Crypto Market: Bitcoin, Ethereum, and Altcoins Plunge appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.