Bitcoin (BTC) experienced a significant drop today. On April 2, 2024, at 02:45 UTC, the price of Bitcoin briefly fell below $67,000, causing traders to liquidate more than $500 million.
The drop comes after BTC managed to rise to $71,000 yesterday.
Should Bitcoin investors watch out for further corrections?
According to data provided by CoinGlass, there has been a large amount of liquidations in the crypto market in the past 24 hours. Total liquidations amounted to a staggering $500.45 million, with 154,729 traders liquidated.
It is noteworthy that the majority of these liquidations (approximately 84.19%) were from long positions. Among all crypto exchanges, Binance and OKX experienced the largest liquidations of $202.84 million and $176.48 million, respectively.
Read more: 10 Best Cryptocurrency Exchanges and Apps for Beginners in 2024
Compounding the market's woes are notable outflows from Bitcoin ETFs amounting to $85 million. The Grayscale Bitcoin Trust (GBTC) has contributed significantly to this outflow, with $302.6 million leaving the fund.
GBTC has experienced significant capital outflows, with total outflows to date reaching $15.07 billion. This is in stark contrast to the positive cumulative flows of other SEC-approved spot Bitcoin ETFs.
Cryptocurrency analyst Jason Pizzino warned that Bitcoin prices could continue to fall based on recent market performance.
“If Bitcoin breaks above $68,300 and many altcoins continue to fall against BTC pairs at this time, watch for emotional fireworks,” Pizzino said. Said.
Pizzino's analysis highlights the possibility of a broader market correction, as Bitcoin price movements often influence other cryptocurrencies. In fact, the market capitalization of cryptocurrencies has decreased to $2.63 trillion, which corresponds to a decrease of 6.1% in the past 24 hours.
Read more: 11 best altcoin exchanges for crypto trading in April 2024
Specifically, Ethereum (ETH) recorded a decline of 6.4% in the past 24 hours. Similarly, Solana (SOL)'s value suffered a hefty 9.2% decline. The meme coin category faced an even bigger decline. Over the same period, Dogwifat (WIF) fell 12.8% and PEPE fell 15%.
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