Bitcoin (BTC) price slumped to around $27,300 on April 21, with nearly $200 million liquidated from the cryptocurrency market. Other cryptocurrencies also lost value. Here are the details…
Nearly $200 million liquidated
According to Coinglass, $191.98 million was liquidated in the crypto market within 24 hours. Bitcoin was liquidated for $63.03 million, while Ethereum was liquidated for $54.20 million. Other assets such as Dogecoin, Arbitrum, Chainlink, XRP, Litecoin and Solana suffered less than $5.5 million liquidation. Market liquidations were primarily driven by activity in Binance, OKX, Huobi and Bybit. According to the data, a total of 57,269 traders were liquidated.
BTC is changing hands at $27,340, down 3% at the time of writing. Time will tell if the coin will drop to the $26,000 level. Other leading assets also lost value. Ethereum (ETH) fell 4.9 percent and XRP 5.6 percent, while Dogecoin (DOGE) fell 6.8 percent.
Ethereum Shanghai loses profits
Notably, Ethereum (ETH) dropped as low as $1,833 on Friday afternoon, its lowest price since April 9th. As we reported on Kriptokoin.com, the second-largest cryptocurrency by market cap had rallied behind the smooth implementation of the highly anticipated Shanghai upgrade last week. But for now, it has erased all price gains.
ETH is down more than 13 percent from Tuesday’s high of $2,118. It has dropped 5.3 percent in the last 24 hours as investors continue to weigh the macroeconomic and crypto industry-focused uncertainties affecting the broader crypto-asset market. The April 12 hard fork, the last major step in the transformation of the Ethereum Blockchain from proof-of-work to the more energy-efficient proof-of-stake protocol, resulted in the withdrawal of approximately $35 billion worth of tokens locked in staking contracts.
Why are markets showing weakness?
ETH started to rise the day after the event and hit an 11-month high. It was under $2,000 for most of the past year. ETH’s steady decline since Tuesday came amid a broader price drop. Bitcoin is down more than 3% in the last 24 hours to around $27,200 and has lost more than 10% from Tuesday’s high of over $30,000.
Edward Moya, a senior market analyst at currency market maker Oanda, said on Thursday that crypto markets have been showing weakness for the past few days as concerns over inflation, stock market gains and the impending recession have driven prices down.
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