The $400M crypto market has seen liquid BTC and altcoins arrive, with the price of Bitcoin dropping to $65K.
The price of Bitcoin (BTC) suddenly dropped 5% on April 12 as traders in Bitcoin and other cryptocurrencies lost more than $400 million in one hour.
BTC fell 5% to $65,110 from $68,341 in late New York session trading hours on April 12 in less than 60 minutes.
Ether (ETH), the second-largest crypto by market capitalization, followed by Bitcoin, fell 8% from an opening of $3,553 to trade at $3,226.
Futures market data from Coinglass showed that the Bitcoin flash crash resulted in the loss of more than $417 million in leveraged positions in one hour, with more than $77.93 million in Bitcoin lengths and more than $63.35 million in Ether making up the bulk of that figure.
The most short and long liquidations occurred on Binance, totaling $171 million, while crypto exchange OKX traders saw a combined loss of $158 million.
Coinglass also shows that total liquidity among 270,993 traders reached $860 million in the last 24 hours.
The fall came as U.S. stock markets slowed during the U.S. trading session, days after new data showed inflation rose for a third consecutive month. A warmer-than-expected CPI print further dampened hopes of a Fed rate cut this year amid concerns that progress in taming higher inflation may be slow.
JPMorgan Chase CEO Jamie Dimon said on April 12 that “persistent” inflation, geopolitical tensions and the Fed's quantitative tightening efforts threaten the positive economic outlook.
“We've never really experienced the full impact of regulatory tightening on this scale,” the head of America's largest bank by assets said in a first-quarter earnings announcement. Inflation may continue,” he said.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
