Today has not been a heartwarming day for the cryptocurrency market. Leading crypto Bitcoin (BTC) drooped below $20,000, as Grayscale’s spot ETF application was rejected by the SEC. While these developments were taking place in the market, an interesting event occurred in a cryptocurrency exchange. In Bitcoin and altcoin futures pairs, the price instantly saw zero.
Instant reset of Bitcoin and altcoin futures prices on MEXC
To combat inflation, which has soared to historic highs, the Federal Reserve began raising and tightening interest rates. Therefore, difficult times have begun for the crypto money market, which rallied after rally with the effect of the expansion in the pandemic. Also, when Terra (LUNA) and Celsius Network events were added to this, the market stepped into the ice age. The leading crypto Bitcoin has dropped from its all-time high of $ 69 thousand to below $ 20 thousand.
However, today the cryptocurrency exchange MEXC witnessed an interesting event. The price momentarily touched zero in the futures parity of all altcoins, including BTC, Ethereum (ETH), Ripple (XRP) and Binance Coin (BNB) traded on the stock market. However, it immediately returned to its previous levels. Regarding the incident, which appeared to be an operational or technical error, MEXC did not make any statement until press time.
Bitcoin/USDT futures price snapshotOn the other hand, the spot prices of BTC, ETH or other altcoins have not been similar. In other words, the event took place only in futures parities. According to experts, this snapshot could also be caused by an interruption in the data flow.
Cryptocurrency market is back on a downward trajectory
Meanwhile, as we covered in the news of Kriptokoin.com, the SEC rejected Grayscale’s spot ETF application. This development disrupted the forced optimism in the market and triggered a negative atmosphere. Cryptocurrencies, especially Bitcoin, have returned their gains in recent days. After the crypto collapse, although there is an image of recovery in places, this is not very long-term. Some popular analysts are pointing lower for cryptocurrencies, including Bitcoin.
According to CoinMarketCap data, at press time, the Bitcoin price extended its decline by breaking $19,000. The leading crypto is trading at $18,975, losing 5.30% on a daily basis. BTC currently stands 72.5% off its all-time high. Similarly, the leading altcoin returned to the $ 1,000 gates again. The loss of ETH in the last 24 hours marks 7.36%.
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