Cryptocurrency Market Correction: Bitcoin, Ethereum, and Solana Prices Plummet as $1 Billion in Positions Liquidated
Bitcoin, Ethereum, and Solana experienced significant price corrections in the last 24 hours, with almost $1 billion worth of positions being liquidated. The correction in Bitcoin’s price, which fell by 4.95% to $67,829.94, was triggered by geopolitical uncertainty surrounding a possible attack by Iran on Israel. This decline had a domino effect on other cryptocurrencies, leading to Ethereum and Solana also falling on the charts.
Ethereum saw an 8.33% decline, dropping to $3099 before bouncing back to $3256.96, while Solana fell by 11.93%. Both cryptocurrencies broke past their previously established higher lows, disrupting their bullish trends. The recent price movements of both ETH and SOL indicated a potential bearish trend, requiring a significant bullish momentum for a rally.
Despite the price corrections, interest in Bitcoin and Ethereum remains high, with the number of addresses holding these cryptocurrencies increasing significantly. The decline in prices could be attributed to profit-taking by whales in the market.
Traders faced significant losses in the last 24 hours, with $947 million worth of positions being liquidated, mostly long positions. It remains uncertain which direction Bitcoin will head in, especially with the halving event approaching.
Overall, the cryptocurrency market experienced a turbulent period, with major players like Bitcoin, Ethereum, and Solana facing significant price corrections and liquidations. Traders and investors are closely monitoring the market for any signs of a potential recovery or further decline.
