Bitcoin approached the $56,000 line, ether fell through 4000! Total net exposure of nearly $600 million

Spark Global Limited reports:

Under the impact of the policies of the US and China, and the continued profit of some investors, the cryptocurrency market ushered in a significant decline. The two mainstream currencies of Bitcoin and Ether all fell close to 10%, and other currencies also fell about 8-12%. The dog currency was bloodied, with Floki plunging 35% as the most. Before the deadline, the amount of the 24 hours of the market burst reached $593 million.

Cryptocurrency market continues to slump after the pincer attack of U.S. and Chinese policies. The market leader Bitcoin (BTC) reached $56,530 at the lowest point, while Ether (ETH) also fell through the support level of $4,000 to $3,961, and dog coins fell by 10~35% respectively. The net’s 24 hours of exposure has come to $593 million before the deadline.

BTC, ETH plunge drive down across the board

Bitcoin bore the brunt of the losses, falling from late yesterday through early morning to a low of $56,514, its lowest level in nearly five weeks, down 8 percent in 24 hours and 14 percent on the week, according to TradingView. It recovered slightly to $56,816 at press time.

The price of ETH is still in the range of 39~40K before the deadline, and there is no obvious sign of stabilization.

Cryptocurrency market continues to slump after the pincer attack of U.S. and Chinese policies. The market leader Bitcoin (BTC) reached $56,530 at the lowest point, while Ether (ETH) also fell through the support level of $4,000 to $3,961, and dog coins fell by 10~35% respectively. The net’s 24 hours of exposure has come to $593 million before the deadline.

BTC, ETH plunge drive down across the board

Bitcoin bore the brunt of the losses, falling from late yesterday through early morning to a low of $56,514, its lowest level in nearly five weeks, down 8 percent in 24 hours and 14 percent on the week, according to TradingView. It recovered slightly to $56,816 at press time.

According to Spark Global Limited
According to Spark Global Limited

The price of ETH is still in the range of 39~40K before the deadline, and there is no obvious sign of stabilization.

More than $500 million was lost in the currency market

According to Data from CoinGlass, during the last 24 hours of the market’s general sell-off, the cryptocurrency market as a whole has exploded with a total of $593 million, with BTC being the biggest single currency with $227 million, followed by ETH with $123 million.
What caused the collapse? Is there any chance of return?

According to Coindesk, in addition to the negative impact of U.S. and Chinese policies, the collapse is also related to some investors in the previous bull market performance continued to profit, analyst Alex Kuptsikevich pointed out that the bulls are still watching the current decline, dare not rush into the situation also let the currency fell further.

CryptoQuant, an on-chain data website, points out that if from BTC’s MVRV(market value/realized market value, used to evaluate the growth space of coin price), the index is still a long distance from the high point, indicating that BTC still has room for growth. As for when BTC rise, drive the currency market to repair the loss, it remains to be observed.

Source: Spark Global Limited