NewsletterCrypto Market Selloff: Here’s Why Bitcoin, Ethereum Price Are Falling Sharply
A broader selloff across the crypto market started at 07:00 UTC on Wednesday, with over $160 million worth of crypto assets liquidated in an hour and $250 million liquidated in the past 24 hours.
Bitcoin price fell 5% to $29,000, with the price currently trading at $29,281. In the last 24 hours, BTC price recorded a low and high of $29,012 and $30,470, respectively.
Ethereum prices also plummeted sharply below the $2,000 level. The ETH price fell over 6% in the last 24 hours, with the price currently trading at $1,988. The 24-hour low and high are $1,980 and $2,121, respectively.
Other altcoins including BNB, XRP, Cardano, Dogecoin, Polygon (MATIC), and Solana tumbled nearly 5%, with the global crypto market falling 3% to $1.23 trillion in the last 24 hours.
Data from Coinglass revealed massive longs liquidation of over $175 million today, April 19. Almost 75k traders were liquidated in the last 24 hours, with the largest single liquidation order on Binance’s BTCUSDT pair worth $3.02 million.
Bank Of England and European Central Bank Push Fresh Inflation Fears
The global stock markets fell after the Bank of England and the European Central Bank considered increasing interest rates further to bring inflation under target rates. Traders take a cautious approach as the US Fed’s officials James Bullard and Raphael Bostic favor a higher terminal rate of between 5.50% to 5.75% and another 25 bps rate hike in May.
UK consumer price index (CPI) annual inflation came at 10.1% against the expected 9.8%. Whereas, core Eurozome inflation inches higher while the annual inflation rate falls to 6.9% in March.
The U.S. Dollar Index (DXY) effectively jumped higher to 102, causing Bitcoin price and Ethereum prices to fall sharply in response.
Popular crypto analyst Michael van de Poppe noted deep correction in the markets as Bitcoin fails to hold at $29,700-29,800 and downfall through a cascade of liquidations.
Miles Deutscher said 200 hours of BTC price action wiped out in just 13 minutes as Bitcoin price fell below $30,000.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- ‘More Orange Dots’: Michael Saylor’s Strategy Buys 10,624 Bitcoin Amid Sell-Off Concerns
- Robinhood Bets Big on Indonesia Booming Market After Securing Local Firms
- Cardano’s Midnight Secures NIGHT Token Listing on Binance, ADA Soars 4%
- Crypto Market Set for Liqudity Pump With Fed Rate Cut Expected This Week
- Harvard University Stacking More Bitcoin Over Gold, Bitwise CIO Matt Hougan Reveals
- Here’s Why Bitcoin Price Will Rally To $100k This Week
- Bittensor Price Breaks Above $300, Eyeing a 50% Surge Ahead of Halving
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
