Updated: April 12, 2024, 3:50 PM EDT
The top cryptocurrency saw a sharp price drop on Friday afternoon, with total liquidations approaching $500 million within an hour.
It is unclear what exactly caused the sudden decline in cryptocurrency market performance. Price declines can be caused by events not directly related to the cryptocurrency market, such as the conflict between Iran and Israel. On Friday morning, U.S. President Joe Biden told reporters that he expected Iran to attack Israel “soon.”
According to cryptocurrency liquidation tracker CoinGlass, total cryptocurrency liquidation as of 2 PM ET on Friday reached $466.5 million. Of these, purchase liquidation amounted to $417.7 million and short-term liquidation amounted to $50.6 million.
CoinGlass found that total liquidations among 270,018 traders in the last 24 hours reached $858.15 million.
Prices of major tokens have fallen over the past hour in what many are calling a “flash crash.” Bitcoin price also fell 2.5% during the same period, from about $68,116 to $66,400. The largest cryptocurrency by market capitalization fell 5.3% in the last 24 hours.
The price of the Ethereum token also fell by about 3.3% from $3,324 to $3,226 over the past hour, making the previous day’s overall price drop by 8.11%.
Solana’s token price also recently fell by about 8.5% from $166 to $152. The 24-hour rate of change was minus 13.25%, according to prices from The Block.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.