Bitcoin prices fell significantly on Tuesday, falling more than 2% against the US dollar in the past 24 hours, after falling 7.8% from the previous week. Global trading volumes on crypto spot exchanges remain weak, with $271 million liquidated in both short and long positions on derivatives exchanges in the past day.
Market turmoil continues: over 95,000 crypto traders liquidated
Bitcoin (BTC) fell to a Tuesday low of $59,629 on April 30th, but quickly recovered and managed to end the day above $60,000 in 2024 for 61 days. A close below this level would end the longest trading session above this price range in history. According to the data, spot trading volume on multiple central exchanges decreased in April compared to March. In particular, the trading volume of Bitcoin and Ether alone has decreased significantly since mid-April.
BTC is currently trading between $60,450 and $60,950 as of April 30, 2024, 9:30-10:30 AM ET. This contributed approximately $31.43 billion to the total global trade recorded in the cryptocurrency economy around the world of $89 billion. Last 24 hours. Of this amount, Ether transactions account for approximately $16.2 billion. According to the latest derivatives liquidation data, $271 million in positions were canceled yesterday.
A total of 95,167 traders faced liquidation, with the majority ($212.4 million) consisting of long positions and $60.58 million short positions. Of the long positions, $83.78 million were bets centered on Ethereum and $66.61 million were bets centered on Bitcoin. As the crypto economy navigates these volatile conditions, continued demand for Bitcoin and strategic moves by traders offer cautious optimism in the face of current market uncertainty. is being applied. Monthly closing prices could be important in determining the path to long-term price stability.
In a report for Bitcoin.com News, Etoro market analyst Simon Peters noted that “cryptocurrency price movements have been fairly weak over the past week.” He also noted that Bitcoin prices have fallen following net withdrawals from Bitcoin Exchange Traded Funds (ETFs). “We still expect significant volatility after the halving, but the longer the price stays around these levels and sustains above the $60,000 mark, the more we see support forming and a move higher is likely.” - Commented the analyst.