Flash crash!! Statistics show that the cryptocurrency market is red to welcome Songkran Day in Thailand! More than 280,000 futures traders around the world, totaling 32 billion baht, were liquidated in the past 24 hours. The mood of voters reduces the degree of greed. What are the factors behind this disaster?
Amid this disaster, Bitcoin has managed to increase its market dominance to over 54%, reflecting that despite the market decline, Bitcoin still maintains its position as the king of cryptocurrencies.
Such a fall happened among Bitcoin and Crypto fans. We are currently counting down to the Bitcoin Halving event, a natural phenomenon unique to the Big Brother currency that occurs every 4 years, and from now on there are only 7 days left.
The situation last night: Bitcoin began to lose its balance around 8:30 pm after falling from the support level of $70,000. It recently recovered and tried to support the price in the $70,000-$71,000 area, but it could not hold on, and in the end it gradually continued to decline. Before losing control at 1:30 a.m. when the price fell to a low of $65,086 (Binance).
This decline has left many investors worried and wondering why Bitcoin has suddenly declined. According to market surveys, it is not clear what the real reason is. But if we look at the current global situation, it may be caused by events that are not directly related to the cryptocurrency market, such as the conflict between Iran and Israel. Earlier on Friday, US President Joe Biden told the media that he predicted that Iran will attack Israel. “Faster than expected”
It is not only the cryptocurrency market that is facing a sharp price collapse. But traditional financial markets, such as the stock market, are also facing selling pressure. The US stock market closed in negative territory as investors began to worry about geopolitical tensions and economic uncertainty.
Another perspective We analyzed whether there is a possibility that there will be a price correction before entering the halving, after which there may be a rally to create a new ATH during April.
A survey of data from CoinGlass found that in the past 24 hours (at the time of reporting) there were $888 million in cryptocurrency futures settlements from a total of 284,254 traders, with the majority of settlements coming from long traders (with the price expected to fall). will rise).
Settlement of cryptocurrency futures occurred on Binance the most, with a value of $374 million, followed by OKX with a value of $302 million, Huobi in third place with a value of $102 million, and if divided by currency, BTC came in first place ($170 million ), followed by ETH ($125 million). million) and Sol ($45 million).
The liquidation value this time around is close to the $1.1 billion portfolio liquidation on March 5, when Bitcoin performed a miracle, with the eight-metre-high red bar falling to a low of $59,000, hurting most of the long side.
Today's Cryptocurrency Fear and Greed Index dropped to 72 or Greed level, bringing the global level lower than yesterday at 79 or Extreme Greed level.
The cryptocurrency market cap is $2.39 trillion today (-8.67%), trading volume is $132 billion (+68.19%), and Bitcoin represents 54.36% of the market cap.
source: com. coinmarketcap Glass coin com. theblock observer
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