Bitcoin
What’s Going on with Cryptocurrency? Understanding the Latest Cryptocurrency Selloff
The global cryptocurrency market is currently experiencing a severe crisis, with increasing liquidation threatening market stability. Bitcoin and altcoins.
Dive deeper to get the latest on the crypto crisis and see what experts are saying about the future.
Bitcoin Market Crash
At the time of writing, the price of Bitcoin is at $54,541, down from $57,031 yesterday. Over the past four days, Bitcoin has plummeted from $62,829, marking an 11.5% drop for the week. On June 29, Bitcoin was at nearly $60,920.
On July 1, it peaked at $62,793, but in the last 24 hours alone, it has fallen by almost 7.3%. Bitcoin’s hourly chart reveals strong selling pressure, evidenced by at least three significant red candlesticks. At the start of the day, the market saw balanced selling and buying pressure, with a slight advantage for buyers. However, sellers eventually took control.
Ethereum follows suit
Similarly, Ethereum Price has plummeted over the past four days, suffering a 16.3% decline this week. On July 2, Ethereum was trading at around $3,417, but has since fallen to $2,868.8. As of June 29, it was at approximately $3,372.
Despite reaching a weekly high of $3,441 on July 1, Ethereum has been steadily weakening. Several long red candles on the hourly chart indicate significant declines, with one showing a decline from $3,093 to $2,930. In the last 24 hours alone, Ethereum has fallen by over 10.2%.
The current market scenario heavily favors sellers, with panic selling intensifying as prices dip below $3,000. Over the past 24 hours, over 221,704 traders have liquidated their holdings. Reports indicate that Ethereum liquidation has outpaced Bitcoin, with $44.5 million liquidated in the past hour alone and over $107 million in the past 24 hours.
The Uncertain Future of Ethereum
The exact cause of Ethereum’s sudden price drop remains unclear. Expert Antony Sassano points to issues with the Grayscale ETHE Fund as a potential factor. Previously cheaper than the actual Ethereum it represents, the fund is now more expensive, causing investors to worry about future fees when the fund is converted into an ETF. This uncertainty may be prompting some investors to sell their holdings.
Memecoin Sector Plunges: What You Should Know
Almost all top ten meme coins have seen significant declines in the past 24 hours. Reports show losses ranging from 17% to 25%. Dogecoin, Shiba Inu, and Pepe are down 15.5%, 14.9%, and 16.2%, respectively. Dogwifhat, Bonk, and FLOKI are down 11.2%, 12.1%, and 15%, respectively. Brett has seen a severe drop of 21.6%, while Book of Meme is down 17.9%. Mog Coin reports a milder decline of 8.0%.
With the launch of Ethereum Spot ETF With just a few weeks to go, the future of the cryptocurrency market remains uncertain. Whether this development will help the market recover remains to be seen.
Read too: Will July 2024 be the next May 2021? Has the Bear Market Begun? Will BTC Price Drop Below $50,000?
Bulls vs. Bears: Are you worried about the crypto crash or do you want to stay calm? Let us know what you think!