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Crypto prices slide ahead of halving event

TL;DR

  • Bitcoin and Ethereum plunged; the market faced unexpected corrections.
  • $735 million liquidated; predominantly long crypto positions.
  • Analysts are divided; some predict recovery, others uncertainty.

The crypto market seems to have taken a rapid turn and faced a serious decline. As an unexpected market correction fast approaches and the consequences of the upcoming halving action are revealed, investors and enthusiasts are torn up.

The first cryptocoin, Bitcoin, experienced an intense price drop. According to the data, it went down to 65086 bitcoins. However, this drastic decline in the price gave rise to widespread worries about Bitcoin, as it is now worth slightly above $67,000 after a partial recovery.

Ethereum, the second most dominant cryptocurrency in the market on capitalization also did not escape, dropping a whopping 10% point in one day. The fluctuating market has raised the problem of stability of the gushing bull.

Crypto market dynamics and Analyst perspectives

Over $700million in liquidation has been registered in the last day, majority of which longs positions; slightly above one billion.

On a wider scale, the drop in cryptocurrency markets looks remarkably similar to the the dip in the U.S. stock market when the facts surrounding the escalating geopolitical situation start to emerge. And so, yielding for safe haven assets like gold that sits into short-lived upturn into the same time frame.

In spite of the upheaval, a group of market supporters still maintain their hope to see the market changing for the better. Analysts opinion that here and now the situation resembles nothing but a “bull flag” forming, which would in turn mean that the carpet might continue to rise. 

This is one of the prospects that keeps the finale depression away from those who went confused after the last market movements.

The approaching halving occasion that typically represents a vital mark for Bitcoin’s price movement has yet to be taken into account by the cryptocurrency community. The market seeks to get back on its feet and resume its positive trend.

Price charts Source crypto ranks

After crypto coins have recently become depressive and insane, the market is left in the mixed environment implying the future remains dynamic and ever-evolving. In addition, since the appearance of a highly complicated technology, millions of investors and viewers are literally “on the wave” awaiting for the loudest of the wavelength.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

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