Ethereum

2024

Solana

<ul> 
 <li>Bitcoin collapsed to $42,500, triggering a widespread market crash.</li> 
 <li>The 1-hour volume increased while many long positions were wiped out.</li> 
</ul> 
The enthusiasm about a <a href="https://ambcrypto.com/search/BITCOIN" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin [BTC]</a> bull run in 2024 has faced a setback as the price fell by 4.85% in the last hour at press time. 
According to CoinMarketCap, BTC started the 3rd of January above $44,000 with many predicting that the coin would hit $50,0000 before the month ends. 
However, all that may have been put to rest at the moment as BTC’s press time price was a little above $42,500. Furthermore, Bitcoin was not the only cryptocurrency affected. 
<a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener" data-wpel-link="internal">Solana [SOL]</a> fell by 7% within the hour while <a href="https://ambcrypto.com/search/xrp" target="_blank" rel="noopener" data-wpel-link="internal">XRP</a> plunged by 12%. <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener" data-wpel-link="internal">Ethereum [ETH]</a> also joined in with a 5.30% plunge. 
<h4>Bitcoin ETFs to be delayed?</h4> 
At press time, AMBCrypto found that right before the dump&nbsp;Matrixport <a href="https://www.matrixport.com/institutions/research/matrix-on-target/813" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">reported</a>&nbsp;the U.S. SEC would not approve any Bitcoin ETFs this month. 
The news sent panic waves around the market. Also, Economist and trader Alex Kruger noted earlier that a crash was coming. 
Furthermore, Bitcoin’s trading volume surged as a result. At press time, BTC volume surpassed $40 billion. This was proof of high selling pressure. Liquidations have also affected traders, especially longs. 
According to Coinglass, the Liquidation HeatMap <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">showed</a> that over $500 million had been wiped out. Bitcoin took a large part of the hit with $72.13 million. 
Details from the HeatMap also showed that longs were the most affected. 
<div id="attachment_361979" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-03-at-14.09.18.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-361979" decoding="async" class="wp-image-361979 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-03-at-14.09.18.png" alt="Liquidation HeatMap" width="791" height="358" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-03-at-14.09.18.png 791w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-03-at-14.09.18-300x136.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-03-at-14.09.18-768x348.png 768w" sizes="(max-width: 791px) 100vw, 791px"></a>
 Source: Coinglass
</div> 
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Why are cryptos like Bitcoin, Ethereum and XRP crashing?

AMBCrypto

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