Cryptocurrency

Bitcoin

Monero

<p>You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/turbulent-times-shake-up-cryptocurrency-markets" rel="noopener noreferrer nofollow">Turbulent Times Shake Up Cryptocurrency Markets</a><br></p><p>The cryptocurrency market faced significant selling pressure this past Thursday, resulting in substantial price swings. Bitcoin notably plummeted to approximately $61,300 before swiftly recovering to $64,680, eventually stabilizing near $62,500. Ether also suffered a sharp drop to $1,750, while altcoins such as NEAR, ZEC, and JUP experienced even greater losses, exceeding 13%.</p><h2 id="what-caused-a-wave-of-liquidations">What Caused a Wave of Liquidations?</h2><p>The intense market shake-up induced an extensive wave of liquidations in the derivatives sector. Within a 24-hour period, over $1.7 billion worth of positions were forcibly closed, of which $750 million were in Bitcoin contracts and $390 million in Ether. Over the span of two days, this figure approached $3 billion across the entire market.</p><h2 id="was-this-trend-also-visible-in-bitcoin-and-ether">Was This Trend Also Visible in Bitcoin and Ether?</h2><p>In Bitcoin, open interest decreased from more than 800,000 BTC to 766,000 BTC in just a single day, indicating a clearing of leveraged long positions without a concurrent rise in bearish betting. Ether and <a href="https://en.bitcoinhaber.net/global-markets-tense-as-energy-assets-shine" rel="noopener noreferrer nofollow">XRP</a> markets exhibited similar patterns, marked by a decline in leveraged activities across the spectrum.</p><blockquote><p>Futures market data indicated that, rather than new leveraged entries, the majority of recent moves involved closing existing positions.</p></blockquote><p>The broader derivatives ecosystem reflected this weakness, with negative cumulative 24-hour trading flows for leading tokens. This pattern pointed towards prevailing investor tendencies to sell. Simultaneously, volatility indices for Bitcoin and Ether saw notable spikes, accentuating the market’s unstable phase.</p><blockquote><p>Growing demand for downside protection in the options market demonstrates investors’ increased caution in the face of potential volatility.</p></blockquote><h2 id="are-solana-trx-and-ada-following-the-same-path">Are Solana, TRX, and ADA Following the Same Path?</h2><p>Contrary to mainstream trends, <a href="https://en.bitcoinhaber.net/brian-kelly-predicts-solana-etf-approval" rel="noopener noreferrer nofollow">Solana</a>‘s metrics diverged. Although SOL’s price declined, open interest surged to an unprecedented 72.16 million tokens, suggesting a rise in shorting activities. Similar behavior was observed in <a href="https://en.bitcoinhaber.net/could-justin-sun-face-new-challenges" rel="noopener noreferrer nofollow">TRX</a> and ADA, where increased open interest aligned with declining prices.</p><p>The altcoin segment, in general, underperformed compared to large-cap cryptocurrencies. For instance, HYPE dropped 12% from its weekly peak, while DASH, ENA, and FET saw over 10% reductions since the day began. Due to limited liquidity, smaller altcoins experienced pronounced price shifts with relatively minor capital movements.</p><p>As market attention sharpens on Bitcoin’s key $60,000 support level, its potential breach could spark large-scale portfolio adjustments. Such shifts could intensify volatility, primarily affecting lower liquidity altcoin markets. Interestingly, Monero stood resilient, reversing its initial losses to end the day positively at $347.</p><h5><span>Continue Reading: </span><a href="https://en.bitcoinhaber.net/turbulent-times-shake-up-cryptocurrency-markets" rel="noopener noreferrer nofollow">Turbulent Times Shake Up Cryptocurrency Markets</a></h5>

Turbulent Times Shake Up Cryptocurrency Markets

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