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The global crypto market woke up to see a bloodbath all around as the biggest of the digital assets bled on Wednesday. <a href="https://news.todayq.com/bitcoin-drops-5-with-high-etf-outflows-are-investors-losing-it/" rel="noopener noreferrer nofollow">Bitcoin price</a> dropped around 10% in the last 24 hours leading the market to lose heavily. The cumulative crypto market cap declined by more than 8% to stand at $2.15 trillion. Crypto liquidations breach $450 million 
As per the data shared by Coinglass, around 140K traders got liquidated in the last 24 hours. The total liquidations, including both long and short positions, breached the $450 million mark. The largest single liquidation order happened on the crypto exchange OKX of ETH-USDT-SWAP valued at $6.07 million
Around $100 million in liquidation was recorded in a span of just 1 hour. It is important to note that 95% (approx $94 million) of the total liquidations recorded in the last hour turned out to be long positions. This suggests that the traders were hoping for a reversal from the ongoing declining trend. However, the crypto market with major digital assets dropped heavily.
Bitcoin price dropped by 10% in the last 24 hours. BTC price is now down by more than 13% over the last 7 days. The original crypto is trading at an average price of $57,606, at the press time. Its 24 hour trading volume is up by 72% to stand at $43 billion.
April proved to be a challenging month for Bitcoin as it marked its worst performance since November 2022. This was the time when Sam Bankman-Fried (SBF) FTX empire collapsed. The energy around the launch of US exchange-traded funds (ETFs) for Bitcoin has waned. ETF craze is over now? 
The frenzy induced by the ETFs helped BTC to a record high of nearly $74,000 in March. However, as investors’ appetite for riskier assets swung amid fading hopes for Federal Reserve interest-rate cuts, inflows into these products have slowed heavily.
The 11 US spot ETFs recorded net outflows of $182 million in April. It is a big contrast to the $4.6 billion in net inflows recorded in March. Despite gaining regulatory approval from the US Securities and Exchange Commission (SEC) in January, the ETFs failed to sustain the excitement among investors.
Crypto mining stocks, including Marathon Digital Holdings Inc. and Riot Platforms Inc., suffered losses alongside Bitcoin’s price drop. Meanwhile, MicroStrategy Inc., known for its Bitcoin holdings, reported a first-quarter loss despite the cryptocurrency’s surge during the period.

Crypto carnage, Bitcoin bleeds 10%, traders in panic!

Todayq News

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