⚠️ ARE THE BEARS APPROACHING BEFORE THE BIG HALVING EVENT? 🚫🚫
Let's dive a little deep to analyse this flash crash slicing 4% off Crypto mkt. cap as Bitcoin, Solana, Dogecoin plunge 📉
📰 The crypto mkt cap plummeted over 4% in the past 24 hrs in a flash crash that saw Bitcoin (BTC) plunge below $67K and the top 10 cryptos all bleeding as well.
BTC saw its price fall more than 4%, while altcoin leader Ethereum (ETH) shed more than 5% of its value over the past day of trading.
Dogecoin (DOGE) was the biggest loser among top cryptos by market capitalization with a 9% plunge, trailed closely by Avalanche (AVAX) with more than 8%.
📢 Crypto Flash Crash Ignited By Long-Term Holders
The selloff also brought an end to the positive streak for Solana (SOL), which plunged 7% to trade at $182.37 as of 5:50 a.m. EST. Meanwhile, Binance Coin (BNB) and XRP both tumbled more than 3%, while Cardano (ADA) dropped 6%.
Crypto exchange Bitfinex attributed the drop to long-term holders (LTHs) taking profits after Bitcoin hit new all-time highs. It added that this selloff is on a smaller scale than during previous bull market peaks.
📢 US Dollar Rises Off The Back Of Positive Fundamentals
The strength of the US Dollar also played a role in the crypto market’s flash crash after data showed the US manufacturing sector grew in March for the first time since September 2022, according to a Reuters report.
Robust consumer spending and stabilizing inflation suggest a potential recovery for several sectors is on the cards.
📰 Despite the selloff, crypto presales continue to soar. Even though Dogecoin (DOGE) slumped, Dogecoin20 has extended its presale after overwhelming demand powered it past $10 million.
The new Solana meme coin Slothana ($SLOTH) has raised $5.8M in a little more than a week.
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