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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

  • 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…

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