FLR - Bitcoin Ethereum Dogecoin Dip Amid High Selling Pressure: Analyst Says King Crypto Will Not See Highs 'Unless $69K Breaks' | Benzinga
Major cryptocurrency took a hit on Tuesday evening, as Bitcoin encountered selling pressure leading as halving approaches.
What Happened: The leading cryptocurrency dropped 5.7% to $65,742, bringing an end to the week-long consolidation between $68,000 and $72,000.
Bitcoin’s upcoming halving event is expected on April 21, which will reduce the pace of BTC production by 50%.
Long liquidations, which occurred during a period of heightened volatility, particularly stood out. On April 2, long positions totaling over $115 million were liquidated within a 24-hour timeframe. Notably, Bitcoin long liquidations surged to over $21 million within just 4 hours on the same day.
When Bitcoin long positions are liquidated without sufficient buying pressure from traders, it can have a negative impact on the price of Bitcoin.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 12:00 a.m. EDT)
Ethena (CRYPTO: ENA) +25.86% $0.86
Flare (CRYPTO: FLR) +10.67% $0.039
Bitget Token (CRYPTO: BGB) +9.63% $1.18
The global cryptocurrency market cap now stands at $2.48 trillion, showing a 1.71% decrease in the past 24 hours.
Stock market declined on Tuesday. The S&P 500 dropped by 0.72% and closed at 5,205.81. Similarly, the Dow Jones Industrial Average decreased by 396.61 points, or 1%, settling at 39,170.24. The tech-heavy Nasdaq Composite declined by 0.95% and finished at 16,240.45.
Tuesday’s market losses followed the release of February’s core personal consumption expenditures price index, ...