The cryptocurrency market has seen a significant decline in the past 24 hours, with major tokens experiencing a sharp drop. Bitcoin, the largest cryptocurrency, fell by 5%, dragging down other major tokens such as ether (ETH), Cardano’s ADA, and BNB Chain’s BNB, which also suffered similar losses.
The decline in prices has been attributed to selling pressure caused by a stronger dollar. As a result, over $400 million worth of bullish bets have been liquidated. Meanwhile, shorts, or bets against the market, took on a smaller sum of $85 million.
In addition to bitcoin’s decline, other tokens also experienced notable losses. Solana’s SOL dropped 7%, while Dogecoin (DOGE) plummeted more than 8%. Bitcoin Cash’s BCH fell by 10% following a substantial rally in the past week, which was driven by the anticipated halving event for the network on April 4.
The CoinDesk 20, a broad index tracking major tokens, excluding stablecoins, recorded a slump of just over 5%.
Analysts at crypto exchange Bitfinex suggest that bitcoin is likely to remain range-bound in the coming weeks as long-term investors sell off their holdings. These analysts also noted that the selling pressure is being driven by long-term holders, who have been strategically profit-taking.
The resistance level at $71,000 has been a significant challenge for bitcoin, as broader markets continue to display caution towards riskier assets. With the current market conditions, analysts are closely monitoring support levels at $69.5K and $68.5K.
While the recent decline raises concerns within the cryptocurrency market, it also presents opportunities for investors to reassess their positions and potentially enter the market at lower prices. As the market continues to evolve, it is essential for investors to stay updated on the latest developments and market trends to make informed decisions.
The cryptocurrency industry has experienced a significant decline in the past 24 hours, with major tokens facing a sharp drop in prices. Bitcoin, the largest cryptocurrency, fell by 5%, leading to similar losses in other major tokens such as ether (ETH), Cardano’s ADA, and BNB Chain’s BNB.
This decline has been attributed to selling pressure caused by a stronger dollar. As a result, over $400 million worth of bullish bets have been liquidated, while shorts against the market only reached $85 million.
Besides bitcoin, other tokens also suffered notable losses. Solana’s SOL dropped 7%, and Dogecoin (DOGE) plummeted more than 8%. Bitcoin Cash’s BCH experienced a 10% fall following a significant rally last week, driven by the upcoming halving event for the network on April 4.
The CoinDesk 20, a comprehensive index tracking major tokens excluding stablecoins, recorded a slump of just over 5%.
Analysts at crypto exchange Bitfinex anticipate that bitcoin will remain range-bound in the coming weeks as long-term investors sell off their holdings. They point out that the selling pressure is primarily driven by strategic profit-taking from long-term holders.
Bitcoin has faced challenges breaking through the resistance level at $71,000, as broader markets exhibit caution towards riskier assets. Currently, analysts are closely monitoring support levels at $69.5K and $68.5K.
While the recent decline raises concerns within the cryptocurrency market, it also presents opportunities for investors to reassess their positions and potentially enter the market at lower prices. Staying updated on the latest developments and market trends is crucial for investors to make informed decisions.
For more information about the cryptocurrency market, you can visit trusted sources like CoinDesk at coindesk.com or check industry-specific news websites for further insights.