The cryptocurrency market succumbed to widespread selling pressure as bitcoin and altcoins pared off the earlier gains accumulated. Volatility returned into the cryptocurrency market amid worrying concerns regarding rising U.S. interest rates and the situation between Russia and Ukraine.
Bitcoin price slid to lows of $40,088 while Ethereum dropped to $2853 before a slight rebound. Both assets are presently down 8.05% and 8.35% respectively in the last 24 hours as per coinmarketcap data. The majority of the crypto assets, especially in the top 100 are trading presently in red with some recording significant losses. Binance Coin (BNB), Solana (SOL), Cardano (ADA), and Ripple (XRP) have experienced pullbacks between -5% to -11% in the past 24 hours.
According to CoinGlass, there have been nearly $314 million in liquidations across the crypto market during the last 24 hours. Bitcoin led the liquidation pack at $132 million, followed by Ethereum at $77.4million. In the past 24 hours, 83,721 traders were liquidated. The largest single liquidation order happened on BitMex of XBT/USD valued at $8.67 million.
The overall cryptocurrency market cap now stands at $1.9 trillion and Bitcoin’s dominance rate is 41.3%.
Bitcoin has shed more than $4,000 after reaching highs of $44,195 in the day and trades at $40,611 at press time. Stablecoin and a few crypto assets were trading in the green at press time.
DIA (DIA), an open-source data platform providing oracles for DeFi is one of the few assets that traded in the green. The price of DIA has risen by nearly 90% on its daily chart following the news of its partnership with the world’s leading crypto index provider, CFBenchmarks to make crypto index reference prices available via DIA guest oracles.
The sudden pullback in BTC has taken the bullish perspective off the table for several market analysts. Cryptotrader cum economist, Alex Kruger expresses the level of uncertainty in the markets, saying further downside risks persist.
He says, ”Today’s crypto price action has been a dreadfully bearish but good idea not to come to conclusions about the upcoming trend based on intraday price action driven entirely by war in Ukraine. Based on what happens there, the price could dump further or pump. Nobody knows this time”.
The analyst further continues, ”That said a re-test of 40k driven by major war news if these materialize, would likely see significant follow-thru (lower). Odds increase the closer to 40k BTC consolidates”.
Cryptoanalyst, Michaël van de Poppe says Bitcoin would need a clear breakout above $50,000 to flip the bias toward bulls.
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