Bitcoin, Ethereum, Dogecoin Plunge, $878M Liquidated: 'Just Set Alerts At $60,000 And $74,000 And Walk Away,' Says Crypto Expert
Portfolio Pulse from Khyathi Dalal
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced significant drops, with $877.8 million liquidated in the crypto derivatives market amid risk-off sentiment in traditional markets due to geopolitical risks. The global cryptocurrency market cap fell by 3.35% to $2.53 trillion. Over 276,647 traders were liquidated, with the largest single liquidation on OKX in the ETH-USD-SWAP valued at $7.19M. Analysts suggest setting price alerts for Bitcoin and caution against expecting a quick recovery.
April 12, 2024 | 9:10 pm
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NEGATIVE IMPACT
Bitcoin experienced a significant drop, contributing to the overall crypto market downturn.
The drop in Bitcoin's price is directly tied to the broader market sentiment affected by geopolitical risks, leading to a significant liquidation event. Analysts' advice to set price alerts indicates a lack of immediate recovery, suggesting a negative short-term outlook.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Dogecoin also experienced a drop as part of the wider cryptocurrency market downturn.
Dogecoin's drop, while not detailed in terms of specific liquidation events, is part of the broader market downturn, indicating a negative short-term outlook.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum saw a major liquidation event on OKX, indicating significant market pressure.
Ethereum's inclusion in the largest single liquidation event suggests a strong negative market sentiment towards it, contributing to its short-term price decline.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85