Key Points
- Bitcoin and other cryptocurrencies experienced a sudden 5% drop in value on April 12, causing over $400 million in losses within an hour.
- The most significant liquidations occurred on Binance, with total liquidations reaching $860 million among 270,993 traders in the past 24 hours.
Bitcoin and other cryptocurrencies experienced a sudden drop in value on April 12, causing significant losses for traders.
The price of Bitcoin fell 5% from $68,341 to as low as $65,110 in less than 60 minutes.
Ethereum Follows Bitcoin's Downward Trend
Ethereum, the second largest cryptocurrency by market capitalization, also experienced a decrease in value.
The value of Ethereum dropped 8% from an opening of $3,553 to trade at $3,226.
This sudden decrease in value resulted in more than $417 million in leveraged positions being wiped out within one hour.
Over $77.93 million in Bitcoin longs and more than $63.35 million in Ethereum longs accounted for the majority of this figure.
Liquidations on Binance and OKX
The most significant liquidations occurred on Binance, totaling $171 million.
Meanwhile, traders on the crypto exchange OKX experienced combined losses of $158 million.
Data shows that within the past 24 hours, total liquidations reached $860 million among 270,993 traders.
This crash occurred as U.S. stock markets dipped during the U.S. trading session after new data showed that inflation accelerated for a third consecutive month.
This hotter-than-expected CPI print further dashed hopes for Fed rate cuts this year amid fears that progress may be stalling in taming elevated price levels.
JPMorgan Chase CEO Jamie Dimon warned that “persistent” inflation, geopolitical tensions and the Fed’s Quantitative tightening efforts threaten an otherwise positive economic outlook.
Dimon stated that the market is likely to be weighed down by “persistent inflationary pressures, which may likely continue.”
