Bitcoin Price Plummets to $65K, Triggering $400M in Liquidations and Rocking Crypto Markets
According to Cointelegraph: A sharp sell-off was observed in the Bitcoin market on April 12, as BTC price underwent a sudden 5% drop, plummeting from $68,341 to a low of $65,110 within a span of less than an hour. This swift downturn, primarily during late New York trading hours, led to the liquidation of over $400M across Bitcoin and altcoin leveraged positions.
BTC/USD hourly chart. Source: TradingView
Ether (ETH), the second-largest cryptocurrency by market cap, mirrored Bitcoin's decline, experiencing an 8% drop from $3,553 to $3,226.
Data from Coinglass revealed that Bitcoin's flash crash resulted in more than $417 million in leveraged positions being wiped out within that hour, with Bitcoin and Ether longs accounting for substantial portions of this figure - over $77.93 million and $63.35 million, respectively.
Crypto liquidations heatmap. Source: Coinglass
Binance saw the most significant amount of both short and long liquidations, totaling $171 million, while traders on the crypto exchange OKX suffered losses of $158 million. Coinglass also pointed out that over the past 24 hours, total liquidations reached an astonishing $860 million among 270,993 traders.
The market shake-up coincided with a downturn in U.S. stock markets and growing concerns over persistent inflation and geopolitical tensions, further amplified by the Federal Reserve's quantitative tightening efforts. Jamie Dimon, CEO of JPMorgan Chase, warned that these factors could strain the otherwise positive economic outlook.
ETF Funds Don't Get Enough of the Record: What's Expected for the Bitcoin Market?
Spot Bitcoin exchange-traded funds witnessed a $111 billion increase in trading volume in March. This development was almost three times the trading volume recorded in February, when the Grayscale and BlackRock ETF funds dominated the market. According to data shared by Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETF transaction volume reached $111 billion in March compared to $42.2 billion recorded in February. Record Rise in March It should not be forgotten that February is the first full transaction month as Bitcoin investment products were released on January 11. So the strong performance in March reinforces growing interest in spot Bitcoin ETF funds.
BlackRock's Bitcoin ETF fund IBIT continues to dominate its trading volume, followed by Grayscale's GBTC fund and Fidelity's FBTC fund. Balchunas acknowledged this in a later post by X, sharing a graph of analyst James Seyffart showing his growing dominance in the market share of the IBIT fund as the GBTC, she said: āWhile all ETF funds won in terms of profitable hits, IBIT won the volume race and officially became Bitcoin's GLD.ā
What's the Latest in ETF Funds? On April 1, cumulative spot Bitcoin ETF funds recorded a total net breakout of $86 million, according to data from Farside Investors. BlackRock's $165.9 million dominant IBIT ETF inflows were overshadowed by Grayscale's $302.6 million debuts.
Fidelity's FBTC fund recorded its second-high inflow at $44 million on April 1, while ARK Invest 21Shares ETF saw its first debut of $300,000 since the ARKB fund began trading on Jan. 11. BlackRock and Fidelity's spot Bitcoin ETF funds reached nearly $18 billion and $10 billion, respectively, in managed assets last month, and were the most successful in terms of inflows. On the other hand, Grayscale's GBTC fund exceeded $15 billion in total outflows after outputs above $300 million recorded on April 1. According to data from Coinglass, GBTC's assets under management fell 46% to $22 million. Spot Bitcoin ETF funds completely changed the Bitcoin market to reach all-time highs in March. Market participants are waiting for a different cycle, along with the success of ETF funds and the Bitcoin halving event, which remains for less than 20 days. #BullorBear #BitcoinHalvingDrama #BitcoinETFš°š°š°
Analyst Teases 900% Surge. XRP is on a mild but visibly bullish leash as its price has jumped by 0.6% in the past 24 hours to $0.6212, per data from CoinMarketCap. Drawing on this trend, top market analyst EGRAG CRYPTO has issued an ultra-bullish projection for the digital currency, projecting a potential surge as high as 900% in the long term. Bullish XRP analysis. To begin his analysis, EGRAG CRYPTO noted that historical trends are signaling an imminent runup to a price with 6x to 10x gains. Per the XRP two-week price chart he shared, the valuation of XRP recorded a breakout of about 902.85% sometime around 2017, when the 21 EMA crossed above the 55 EMA. This setup in 2017 saw the coin jump from around $0.007 to $0.0646, and the set-up seems to be playing out again. Describing the two potential price targets if history comes calling, EGRAG CRYPTO noted that XRP could soar as high as 900% to $5.5, and on a more conservative note, he projected that the coin could soar by 584% to $4. EGRAG is one of the analysts that are most bullish on XRP, often sharing technical and fundamental analyses that show the coin's breakout is imminent. Visible XRP catalysts and headwinds. Unlike most assets, like Bitcoin, which has recorded a new all-time high (ATH) above $73,000 this month, XRP is still down by 83.6% from its highest spot price of $3.84. The yet-to-be-concluded XRP lawsuit marks a major headwind for the coin and Ripple Labs Inc. However, should there be a positive end to the suit amid the almost $2 billion demand from the United States Securities and Exchange Commission (SEC), XRP may gain a major boost that will see its price jump higher. Notably, EGRAG CRYPTO's thesis, alongside other market analysts on XRP's growth, hinges on the role of digital currency in facilitating payments, a feature with enormous growth projections in the long term.#Xrpā
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