On April 12, the value of Bitcoin (BTC) unexpectedly dropped by 5%. This decline led to approximately $400 million in losses for traders holding leveraged positions in Bitcoin and other cryptocurrencies within an hour. In simpler terms, the price of Bitcoin decreased rapidly by 5%, resulting in significant financial setbacks for certain traders with amplified positions within this timeframe.
In just an hour during the New York trading session on April 12, Bitcoin (BTC) decreased by around 5%, from a high of $68,341 to a low of $65,110.
Ether (ETH), the second most valuable cryptocurrency with a market cap next to Bitcoin, mirrored Bitcoin’s trend and decreased by approximately 8%, dropping from its initial price of $3,553 down to $3,226.
Data from Coinglass indicates that a sudden drop in Bitcoin’s futures market caused approximately $417 million worth of leveraged positions to be liquidated within an hour. Around $77.93 million of this total was due to Bitcoin investors holding long positions, while about $63.35 million came from those with long positions in Ether. In simpler terms, over $400 million in Bitcoin and Ether investments were lost during a rapid price decline within an hour on the futures market.
On Binance, the quickest and largest liquidations amounted to $171 million, whereas traders on OKX experienced cumulative losses of $158 million in total.
According to Coinglass, over 270,000 traders experienced a total of $860 million in liquidations during the last 24 hours.
A few days after the latest U.S. data revealed that inflation continued to rise at an unexpectedly fast pace for the third month in a row, causing U.S. stock markets to take a hit during trading hours. This disheartening news cast doubt on the possibility of Federal Reserve interest rate reductions this year, fueling concerns that efforts to curb rising prices may be losing ground.
Jam Session with JPMorgan Chase Boss Jamie Dimon: On the 12th of April, he voiced concerns over a rosy economic forecast being jeopardized by prolonged inflation, geopolitical uncertainties, and the Federal Reserve’s Quantitative tightening actions.
The CEO of the biggest American bank by assets stated during the first-quarter earnings call that we haven’t fully felt the impact of quantitative tightening on this magnitude before. He also warned that the market could be negatively influenced by “ongoing inflationary pressures,” which are expected to persist.
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2024-04-13 00:19