Crypto market is so bearish today .What Caused $250 Million Liquidations in 24 Hours?

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By Degen Lipsa

On April 19, the crypto market suffered a broad selloff, resulting in over $160 million in assets being liquidated within an hour and a total of $250 million sold throughout the course of the day. Bitcoin’s price fell almost 3% to $29,000, while Ethereum fell below $2,000, losing more than 5.8% in 24 hours.

Source- https://www.coindesk.com/price/bitcoin/

This has spooked traders and sent shockwaves throughout the business. What comes next? Continue reading.

Altcoins are following suit in the Crypto market

Binance Coin (BNB), XRP, Cardano, Dogecoin, Polygon (MATIC), and Solana all dropped around 5%, adding to a 3% dip in the global crypto market cap, which now stands at $1.23 trillion.

According to Coinglass data, over $175 million in longs were liquidated on April 19, with around 75,000 dealers affected within the last day. A $3.02 million order on Binance’s BTCUSDT pair was the largest single liquidation. As the market suffers, bulls are working hard to keep Bitcoin and Ethereum at critical levels. The majority of liquidations were longs, implying a prolonged squeeze.

Outlook for the Ethereum-Bitcoin Pair

Smart Contracter, a crypto market analyst, says he is keeping a careful eye on the Ethereum-Bitcoin (ETH/BTC) combination. He believes the pair has most likely achieved its 2023 low of 0.062 BTC ($1,879) and will resume its upward trajectory in the coming months. He forecasts that the pair will trade much above 0.10 ($3,032) by the end of the year, indicating that Ethereum’s value is rising faster than Bitcoin’s. The ETH/BTC pair is currently trading at 0.069 BTC, or $2,092.

Ethereum has also broken past a critical resistance level on its weekly chart that has hindered its growth for nearly a year, according to Smart Contracter. He believes it is time to “overcome PTSD (post-traumatic stress disorder) and get back into the mindset of the good old days.” As of press time, Bitcoin’s value stands at $29,212, while Ethereum is trading at $1,981.

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