Blood Loss in the Cryptocurrency Market: What is the Reason for the Declines, Will It Continue?

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cryptocurrency The value of the market fell by more than 6% in the last 24 hours, falling to 2.7 trillion dollars. The decline in Bitcoin price also led to a significant sell-off in the altcoin market. As a result, more than $666 million in total positions were liquid, of which more than $531 million consisted of long traders.

This sharp sell-off in the cryptocurrency market revealed that most short-term investors returned to stablecoins. According to the latest market data, as reported by Koinfinans.com, Tether (USDT) recorded a 24-hour trading volume of approximately $112.7 billion. This represents a higher number than Bitcoin and Ethereum combined.

For the first time in the cryptocurrency market, Bitcoin Its price surpassed its all-time high before the halving. Increased demand with spot BTC ETFs recently approved in the US has greatly influenced the uptrend.

However, there was already a good chance of a healthy market correction before the halving rally began. Bitcoin analysis by Kaptan Faibik, a popular cryptocurrency analyst according toBitcoin price looks likely to drop towards $60,000 in the coming days before recovering for the new ATH.

The past few weeks have seen intense speculation in the altcoin market following the Ethereum Dencun upgrade. The upgrade activated on the mainnet turned into a “sell the news” event, driving the price down.

However, the correction in cryptocurrencies is seen as an opportunity for long-term investors.


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