Major cryptocurrencies fell on Monday, with $250 million facing liquidation in the crypto derivatives market.
| cryptocurrency | Gain +/- | Price (recorded at 12:00 AM EDT) |
| Bitcoin (Cryptocurrency: BTC) | -3.10% | $69,058 |
| Ethereum (Crypto: ETH) | -5.12% | $3,500 |
| dogecoin (Code:Doge) | +5.30% | $0.18 |
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what happened: As April 10 approaches, the rise in virtual currency prices will become unsustainable. consumer price index (CPI) announcement is expected to be higher than expected.
As a result, the prices of major cryptocurrencies fell and a wave of liquidations occurred in the derivatives market. This surprised bullish traders and led to a surge in prolonged liquidations.
In the past 24 hours, over $242.87 million of long positions were liquidated in the cryptocurrency market, with $152 million extinguished in the last 12 hours. When long positions in derivatives are liquidated without buying pressure from trading volume, it has a negative impact on the asset price.
A total of 83,164 traders were liquidated, with the largest single liquidation occurring in Ether on OKX with an amount of $7.53 million.
Top Gainer (24 hours)
| cryptocurrency | Gain +/- | Price (recorded at 12:00 AM EDT) |
| Nervos Network (Code:CKB) | +8.71% | $0.034 |
| bittenson (Code: Tao) | +8.56% | $635.24 |
| phantom (Code: FTM) | +4.84% | $0.97 |
Currently, the global cryptocurrency market capitalization has reached $2.69 trillion, which shows an increase of 4.25% in the past 24 hours.
The 30-stock index closed at 38,883.67, down 9.13 points (0.02%). At the lowest point of the session, Dow It fell 320.71 points or 0.82%.
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on the other hand, S&P500 rose 0.14% to end at 5,209.91, and the Nasdaq Composite rose 0.32% to end at 16,306.64. The Consumer Price Index report for March is scheduled to be released Wednesday at 8:30 a.m. ET. Inflation is expected to rise 0.3% in March from the previous month, according to economists surveyed by Dow Jones.
Investors will be watching this data closely for insight into the potential timing of a rate cut by the Federal Reserve. Currently, federal funds futures trading data indicates there is about a 42% chance of interest rates stabilizing in June, according to CME Group's FedWatch tool.
look more: best cryptocurrency scanner
analyst notes: Virtual currency analyst michael van de poppe indicates that Bitcoin is currently on a downward trend, leading to market consolidation.
“Side note: Altcoins haven’t fallen that much, but the value of some Bitcoins has increased.”
benjamin cowen If altcoins start to fall against Bitcoin due to recessionary pressures, it would signal that a market correction could occur.
“Will Bitcoin Rise Beyond April? Will it Rise Beyond the Halving?” [event in April]I think the answer to that question depends on whether the alt/Bitcoin pair collapses.? If the alt/Bitcoin pair breaks down in April, I think there could be a summer correction. If the Alt/Bitcoin pair does not break in April, it may not. Or if it goes bankrupt in May. ”
He added, “But it depends on how well altcoins hold up, because I think they represent the average consumer, the average retail investor. And… If the average retail investor cannot prevent the altcoin-Bitcoin pair from collapsing, that means the Fed has likely gone too far.”
read Next: Jim Cramer advises against using Binance, prompting strong reaction from Twitter users
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