Cryptocurrency

Million

Dogecoin

Bonk

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-sharp-decline/" data-wpel-link="internal">Cryptocurrency Market Faces Sharp Decline</a> 
The cryptocurrency market faced a harsh decline, with the largest cryptocurrency <a href="https://coin-turk.com/paypal-sonrasi-dev-bir-sirket-daha-bitcoin-btc-mujdesi-verdi" data-wpel-link="internal">Bitcoin</a> (BTC) and various <a href="https://coin-turk.com/ne-shiba-inu-shib-ne-dogecoin-doge-uzman-isim-paylasti-yukselme-sirasi-o-altcoin" data-wpel-link="internal">altcoins</a> dropping by more than 5%. <a href="https://en.coin-turk.com/why-did-cryptocurrencies-fall-will-the-fall-deepen/" data-wpel-link="internal">Bitcoin</a> led the downturn with a 5.6% loss in value, while numerous altcoins saw declines of 10% and more. 
<h2 style="text-align: justify" id="strong-500-million-wiped-out-strong">$500 Million Wiped Out</h2> 
According to data from Coinglass, the latest downturn in the cryptocurrency market triggered liquidations exceeding $500 million. Long positions accounted for $414 million of these liquidations, while short positions made up $85 million. Notably, Bitcoin saw $66 million in liquidations, with the remainder occurring in altcoins. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-336249" src="https://coin-turk.com/wp-content/uploads/2024/04/Kripto-Para-Piyasasi.png" alt="" width="700" height="385"> 
Recent observations by leading crypto firm QCP Capital indicate significant interest and high activity in the options market for both Bitcoin and Ethereum (ETH). The interest in put options is higher, which is exerting downward pressure on spot prices. Particularly, ETH is showing high levels of implied volatility. 
In the short term, sell orders for ETH have surpassed buy orders, leading to a negative 5% risk skew for April. This suggests a dominant sentiment in the options market for downside protection for ETH and reflects a cautious approach among traders regarding potential short-term price movements. 
Experts warn that the speculative enthusiasm in the cryptocurrency market is facing a significant hurdle due to the persistent absence of looser monetary policy expectations in the US and the Federal Reserve’s determination to continue its tight monetary policy. 
<h2 style="text-align: justify" id="strong-sharp-decline-in-memecoins-strong">Sharp Decline in Memecoins</h2> 
The recent downturn in the cryptocurrency market has also impacted the memecoin sector, which had been the focus of interest lately. Over the weekend, <a href="https://coin-turk.com/dogecoin-doge-1-haftada-kac-dolar-olur-kripto-paralar-son-durum" data-wpel-link="internal">Dogecoin</a> (<a href="https://en.coin-turk.com/whale-transactions-stir-dogecoin-market-speculations/" data-wpel-link="internal">DOGE</a>) rose to $0.22 but then fell by up to 15%. Similarly, other leading memecoins like <a href="https://en.coin-turk.com/whale-wallet-sells-billions-of-shiba-inu-coins/" data-wpel-link="internal">Shiba</a> Inu (SHIB) and Dogwifhat (WIF) experienced sharp declines. 
Furthermore, in the last 24 hours, memecoins such as Pepe (PEPE) and Bonk (BONK) also fell victim to the downturn, melting away by more than 10%. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-sharp-decline/" data-wpel-link="internal">Cryptocurrency Market Faces Sharp Decline</a></h5>

Cryptocurrency Market Faces Sharp Decline

Table of Contents

COINTURK NEWS

Other articles published on Apr 2, 2024

BlockDAG Smashes $11.6M Presale as XRP Faces Legal Challenges while KuCoin Struggles with Massive...

DeeStream investors show optimism in Q2; lower expectations for BCH, DOT

Ripple vs. SEC: Key April Dates to Watch for the XRP Lawsuit

What's Going On With Bitcoin Mining Stock Cipher Mining?

Argentine government passes registration requirements for crypto firms

Cryptocurrency Market Update: Tracking Ethereum, BNB, and Solana’s Price Movements

Join our free newsletter for daily crypto updates!