In just the past hour, the global cryptocurrency market cap has taken a nosedive, seeing a sharp decline of over 6% to $1.63 trillion. This downturn has had a ripple effect across major exchanges, with Bitcoin, Ethereum, Solana, XRP, and Cardano all plummeting by over 6% in the span of just 60 minutes. Bitcoin prices have also tanked by 7% to below $41,000, erasing earlier gains.
Volatile Week for Crypto: $600 million Liquidated
Today has been a rollercoaster ride for the crypto market, witnessing over $600 million in liquidations in just a matter of hours. Long positions worth more than $561 million were liquidated in the blink of an eye. It’s clear that crypto traders are feeling the impact, with 176,000 traders being closed out. The most substantial liquidation order on Huobi’s BTCUSDT pair amounted to a staggering $14.26 million.
Bold Forecast by Matrixport
Matrixport has made a bold prediction today that sent shockwaves across the crypto industry, affecting not only Bitcoin but other exchanges as well. The company foresees that the SEC will reject all Bitcoin ETFs come January, potentially triggering a steep decline in Bitcoin’s value from $42,000 to $36,000.
Bitcoin kicked off the year with a bang, soaring past $45,000 amid buzz about a potential spot ETF. However, things have taken a downturn recently, with negative news dragging the market down, but investor enthusiasm for ETFs remains the same.
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Mustafa Mulla
Mustafa has been reporting on blockchain and crypto for years, drawing on his previous trading experience and his work in the fintech industry since 2017.
