What’s Happening With Crypto? Understanding the Latest Crypto Liquidation
Release: 2024/07/05 15:19 Reading: 291
Understanding the Latest Crypto Liquidation
The global crypto market is currently experiencing a significant downturn. The surge in crypto liquidations poses a threat to Bitcoin and altcoins.
Bitcoin Market Crash
At the time of writing, Bitcoin's price stands at $54,541, having closed at $57,031 yesterday. Since reaching $62,829 on June 29, Bitcoin has witnessed a sharp decline of 11.5% this week.
The hourly chart indicates strong selling pressure, with three consecutive red candlesticks. Initially, buyers and sellers were evenly matched, but sellers later gained the upper hand.
Ethereum Price Dives
Similar to Bitcoin, Ethereum's price has plummeted in the last four days, experiencing a 16.3% decline this week. On July 2, Ethereum was valued at $3,417, while it currently sits at $2,868.8.
The Ethereum hourly chart shows multiple bearish candles, including a significant drop from $3,093 to $2,930. Panic selling has likely escalated due to the sharp跌破below $3,000.
In the past 24 hours, over 221,704 traders have liquidated, with Ethereum liquidations exceeding Bitcoin's. The total Ethereum liquidations have reached $107 million in the last 24 hours.
The cause of the sudden ETH price drop remains uncertain. Some experts suggest that Grayscale's ETHE Fund issue may be a contributing factor.
Memecoin Sector Slump
Nearly all top ten memecoins have suffered significant losses in the last 24 hours. Dogecoin, Shiba Inu, Pepe, and Dogwifhat have lost between 14.9% and 21.6%.
Outlook
The launch of the Ethereum Spot ETF is approaching, but whether the crypto market will rebound is yet to be determined.
Stay informed with Coinpedia for the latest updates on the crypto market crash.
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