Crypto:
30604
Bitcoin:
$62.485
% 4.13
BTC Dominance:
%53.6
% 0.35
Market Cap:
$2.21 T
% 1.97
Fear & Greed:
33 / 100
Bitcoin:
$ 62.485
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Bitcoin and Altcoins Drop Sharply Amid Market Turmoil

Bitcoin,Btc

Starting the new week in the red, Bitcoin fell significantly following its ATH above $73,000 in March.

BTC dropped from $63,000 in the morning hours to $62,170, following the declining pattern it began last week.

Factors Behind the Bitcoin Drop

Analysts believe that the bad attitude in the whole market, the German government sending a lot of BTC to stock exchanges, and the great sales of Bitcoin miners are the causes of this fall.

Although altcoins accompanied this extreme drop in Bitcoin, Ethereum (ETH) dropped to about $3,350.

Impact on Altcoins and Liquidations

ETH dropped 3.7% in the past 24 hours; BNB, which ranks in the top ten outside ETH, dropped 3.7%; Solana (SOL) 7%; XRP 3.2%; Toncoin (TON) 5%; Dogecoin (DOGE) 4.4%; and Cardano (ADA) 4%.

With WIF down 13.5%, Layer Zero (ZRO) down 13.4%, and PENDLE down 10%, the fall in certain altcoins hit double digits.

Against this fall, just one altcoin showed a minor increase. LEO has risen by 0.5% over the past twenty-four hours.

Although Bitcoin and altcoins saw these dramatic falls, investors in long positions were also left in the reverse and sold.

Data from CoinGlass at this time shows that in the past 24 hours, $162.9 million was liquidated in crypto futures. Of this, just $8.8 million was comprised of short positions, while $154 million was comprised of long ones.

Furthermore, although 69,399 investors were liquidated within the past 24 hours, the XBTUSD (Bitcoin) transaction on the BitMEX exchange accounted for the biggest liquidation.

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BTC and ETH were followed by SOL and DOGE, even as $48.8 million in Bitcoin and $29 million in Ethereum were sold.

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