The cryptocurrency market faced a turbulent day on Friday, witnessing a significant downturn in major digital assets. Despite a brief and impressive rally following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, the original cryptocurrency, Bitcoin, has been on a steady decline in recent days.
In the past 24 hours alone, over $247 million in cryptocurrency has been liquidated, adding to the headwinds affecting the crypto market. Bitcoin long positions, amounting to nearly $68 million, were among those liquidated during this period, as reported by data from CoinGlass.
Bitcoin (BTC) experienced a 3.6% drop in its price over the past 24 hours, reaching a low of $40,800 at one point – the lowest in a month. However, the cryptocurrency managed to recover some losses and was last seen trading at $41,080. Despite the downturn, Bitcoin’s market capitalization slipped to $806 billion, while trading volumes surged over 30% to $26.6 billion in the last 24 hours.
Ethereum, the third-largest cryptocurrency, also faced a descent with a 2.8% decline over the last 24 hours, settling at $2,460. At the time of reporting, Ether held a market cap of $295.5 billion, with trading volumes standing at $11.9 billion – an 18% increase over the last 24 hours.
While Tether (USDT) saw a marginal price increase to $0.99, BNB (Binance Coin) climbed 0.6% to $311.25. However, the remaining top 10 cryptocurrencies by market cap experienced a notable decline in their prices during the past 24 hours.
Solana (SOL) witnessed a 6.7% price drop, XRP’s price fell by 3%, Cardano (ADA) experienced a 5% decline, and Avalanche (ADA) plunged over 7%. Even popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) saw a slide of over 3% each.
Reflecting the negative sentiment, the global cryptocurrency market crashed nearly 3.5%, reaching $1.62 trillion. The fear and greed index level stood at 56, indicating that investor sentiment has taken a hit amid the market downturn.
As the crypto market grapples with fluctuations, investors and enthusiasts are closely monitoring the situation, eager to understand the factors contributing to the recent downturn and whether this trend will persist in the coming days.
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