The cryptocurrency market has experienced a significant downturn in the past hour. Notably, Ethereum (ETH) has witnessed a sharp decline of over 4%, accompanied by substantial 24-hour losses across various altcoins, including NEO, TON, KAVA, all plummeting by more than 10%. The market turbulence has led to a total liquidation exceeding $283 million, with long orders accounting for $271 million of the liquidation.
The sudden dip in cryptocurrency prices has caught many investors off guard, prompting questions about the factors driving this market correction. To gain a comprehensive understanding of the situation, it’s crucial to delve into the specifics.
Ethereum, the second-largest cryptocurrency by market capitalization, has taken a substantial hit with a decline of more than 4%. This downturn has raised concerns among investors, as ETH often serves as an indicator for the overall health of the crypto market.
The total liquidation surpassing $283 million in the last hour underscores the severity of the market decline. Long orders alone accounted for $271 million of the liquidation, revealing a significant impact on investors who were betting on the market’s upward trajectory.
Cryptocurrency enthusiasts and investors are now closely monitoring the market for any signs of recovery. Speculation is rife about the potential factors triggering this sudden downturn, ranging from macroeconomic influences to market sentiment and external events.