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Home»ALTCOIN NEWS»Why are cryptocurrencies like Bitcoin, Ethereum, and XRP crashing?
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Why are cryptocurrencies like Bitcoin, Ethereum, and XRP crashing?

By Crypto FlexsJanuary 3, 20242 Mins Read
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Why are cryptocurrencies like Bitcoin, Ethereum, and XRP crashing?
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  • Bitcoin plunged to $42,500, sparking a widespread market crash.
  • One-hour trading volume increased while many long positions were wiped out.

Enthusiasm for the 2024 Bitcoin (BTC) bull market has faced a setback, with the price down 4.85% in the past hour at press time.

According to CoinMarketCap, BTC opened above $44,000 on January 3, with many predicting that the coin would reach $50,0000 before the end of the month.

However, everything may be off for now, as BTC’s price at press time was just above $42,500. Moreover, Bitcoin was not the only cryptocurrency affected.

Solana (SOL) fell 7% in an hour and XRP fell 12%. Ethereum (ETH) also joined, plummeting 5.30%.

Will Bitcoin ETF be delayed?

At press time, AMBCrypto discovered that Matrixport reported shortly before the dump that the US SEC would not approve a Bitcoin ETF this month.

This news caused panic throughout the market. Additionally, economist and trader Alex Kruger previously noted that a collapse is coming.

In addition, Bitcoin trading volume soared accordingly. At press time, BTC trading volume exceeded $40 billion. This was evidence of high selling pressure. The liquidation also affected traders, especially buyers.

According to Coinglass, more than $500 million was lost according to Liquidation HeatMap. Bitcoin took a big part of the hit, at $72.13 million.

Details from HeatMap also show that buying was the most affected.

Liquidation Heat Map

Source: Coinglass

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