The cryptocurrency market succumbed to widespread selling pressure as Bitcoin and Altcoins sustained losses. Bitcoin price slid to lows of $39,782 while Ethereum dropped to $2977 as the entire market tumbled. Both assets are presently down 7.41% and 8.79% respectively in the last 24 hours as per coinmarketcap data.
The majority of crypto assets are trading presently in red with some recording significant losses as large as 15%. Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP (XRP), Shiba Inu (SHIB), Dogecoin (DOGE) have experienced pullbacks between -7% to -11% in the past 24 hours.
According to CoinGlass, there have been nearly $420 million in liquidations across the crypto market during the last 24 hours. Bitcoin led the liquidation pack at $142 million, followed by Ethereum at $99.3 million. In the past 24 hours, 136,593 traders were liquidated.
The largest single liquidation order happened on BitMex of XBT/USD valued at $10 million. It’s a gloomy day for stocks so far, as Asia leads with widespread losses, thanks in no small part to China’s latest COVID-19 lockdowns.
Bitcoin has shed more than $2600 after reaching highs of $42,434 in the day and trades at $40,030 at press time. Stablecoin and a few crypto-assets such as STEPN (GMT, +9.52%) were trading in the green at press time.
STEPN (GMT) has gained a massive 31,200% in profits since March 9. STEPN is a move-to-earn cryptocurrency social-fi application built on the Solana network. The platform describes itself as a “web3 lifestyle app” that rewards users for maintaining a healthy lifestyle through walking, jogging, or running . Users equipped with NFT Sneakers – walk, jog or run outdoors to earn GST, which can be used to level up and mint new Sneakers.
STEPN ranks 61st largest cryptocurrency and trades at $2.58 at press time.
In a recent medium blog post, former BitMEX CEO Arthur Hayes predicts that the price of Ethereum might drop to $2,500 by the end of June. He also expects Bitcoin to test the $30,000 level before the start of the third quarter. The former BitMEX boss noted that the two largest cryptocurrencies are “highly correlated” to the Nasdaq-100 stock market index.
The 90-day correlation between Bitcoin and the Nasdaq-100 hit reached a new record peak. If tech stocks keep underperforming, crypto will take a beating as well, according to Hayes.
Mike Novogratz, CEO of Galaxy Digital, recently said that the crypto market might go to the moon in 2022 if the Federal Reserve were to switch back to monetary loosening. 86% of financial advisors, who control roughly $26 trillion of cumulative capital, plan to invest more in crypto over the year, which means that institutional adoption is expected to grow soon, according to a recent survey of 500 financial advisors conducted by Nasdaq.
ARK Invest CEO Cathie Wood, meanwhile, doubles down on a prediction that Bitcoin would cost $1 million by 2030.
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