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As of Friday morning, there was a general decline in Bitcoin and the cryptocurrency market. Following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US last week, the price of BTC momentarily surged but then plummeted significantly. During the price drop, more than $247 million worth of positions were liquidated, highlighting the ongoing painful process in the crypto market. According to data provided by Coinglass, in the same period, long positions worth $68 million in Bitcoin alone were liquidated.
Current Situation in Bitcoin
Bitcoin (BTC) has experienced a 3.6% decrease in price in the last 24 hours. The price of BTC fell to $40,800 during the night, reaching its lowest level of the month.
However, Bitcoin has since recovered slightly and was trading at $41,155 at the time of writing. During this period, BTC’s market cap fell to $806 billion, while trading volumes saw an increase of over 30% in the last 24 hours, rising to $26.6 billion.
Altcoins on the Decline
Ethereum, the leader of the altcoins, fell by 2.8%, dropping to $2,460. At the time of writing, Ethereum’s market value was $295.5 billion, and its trading volume had increased by 18% in the last 24 hours, reaching $11.9 billion.
BNB, on the other hand, saw a 0.6% increase, rising to $311.2. Other cryptocurrencies within the top 10 by market value continued their decline over a 24-hour period.
To examine them one by one, Solana (SOL) saw a 6.7% drop in price, XRP fell by 3%, Cardano (ADA) by 5%, and Avalanche (AVAX) by over 7%, causing concern among investors. Looking closely at popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) each fell by over 3%, indicating a waning interest in meme coins.
On the other hand, Pepe Coin, which lagged behind MYRO yesterday, fell by over 5% within 24 hours, dropping to $0.000001125. Meanwhile, its market value also fell to $473.7 million. Triggered by the initiating sales, the trading volume increased in the last 24 hours, reaching $73.3 million.
The token of SeiNetwork, SEI, experienced a sharper decline compared to its competitors. In the last 24 hours, the price fell by more than 9%. At the time of writing, SEI’s price had dropped to $0.717, while its market value decreased to $1.7 billion. Additionally, the 24-hour trading volume fell by 5%, dropping to approximately $502 million.
Conflux, the token of the Layer-1 blockchain Conflux, saw an increase of about 2% in the last 24 hours, rising to $0.1985. Its market value reached $720.8 million, while its trading volume saw a significant increase of 257% in the last 24 hours, surging to $224.3 million.
