The global crypto market is experiencing a severe downturn right now. The trend of increasing crypto liquidation threatens Bitcoin and altcoins.
Here is an overview of the crypto market crash.
Bitcoin Market Crash
At the time of writing this article, the price of Bitcoin is $54,541. Yesterday, it closed around $57,031. The price has dropped sharply in the last four days from $62,829. This week, it has fallen 11.5%. On June 29, it was nearly $60,920.
On July 1, it reached the weekly peak of $62,793. In the last 24 hours, the price has fallen almost 7.3%. In the hourly chart of bitcoin, there is strong selling pressure. At least three red candlesticks with long bodies have been created so far. Though in the initial hours of the day, selling pressure was almost equal to buying pressure, with a slight upper hand for buyers, later sellers took control of the market.
Ethereum Price Drop Hard
Like Bitcoin, Ethereum’s price has dropped sharply in the last four days. This week, it has witnessed a fall of 16.3%. On July 2, the price was around $3,417. At the time of writing this article, it remains at $2,868.8. On June 29, the price was around $3,372.
Though it reached a weekly peak of $3,441 on July 1, it has weakened consistently since then. Several long red candles have been created in the Ethereum hourly chart. The longest one shows the price dropping from $3,093 to $2,930. In the last 24 hours alone, a drop of over 10.2% has been observed.
The present market shows the upper hand for sellers. It is assumed that the sharp drop in prices below $3,000 has intensified panic selling. As per a report, in the last 24 hours alone, over 221,704 traders have liquidated. The report adds that the liquidation of Ethereum exceeded that of Bitcoin. The report says that the liquidation of Ethereum has reached $44.5 million in the past hour alone, and it has crossed $107 million over the last 24 hours.
The reason for the sudden fall in the ETH price is unclear. An expert named Antony Sassano points to the Grayscale ETHE Fund issue as a reason. In his view, the Grayscale ETHE fund, which used to be cheaper than the actual Ethereum it represents, is now more expensive. This change worries investors because they are unsure about the fees they will pay once the fund converts to an ETF. The expert believes that uncertainty is making some investors consider selling their holdings.
Memecoin Sector Plummets: What You Should Know
Almost all the top ten Memecoins have severely declined in the last 24 hours. A report shows that the top meme coins have lost between 17% and 25%. Dogecoin, Shiba Inu, and Pepe show a decline of 15.5%, 14.9%, and 16.2%, respectively. Dogwifhat, Bonk, and FLOKI display a decline of 11.2%, 12.1%, and 15%, respectively. Brett has witnessed a severe fall of 21.6%. BOOk OF MEME has also observed a serious drop of 17.9%. Mog Coin reports a mild drop of 8.0%.
The launch of Ethereum Spot ETF is just weeks away. Whether the crypto market will rebound remains to be seen.
Read Also: Will July 2024 be the Next May 2021? Has the Bear Market Begun? Will BTC Price Collapse Below $50,000?
Stay tuned to Coinpedia for more updates on the crypto market crash!
