Analysts who predicted spot Bitcoin ETF approval in the US could become a “Sell-the-News” event got the maths right. The euphoria over the Bitcoin ETFs seems to be fading as jittery investors continue to offload their crypto holdings.
More than $272 million of crypto long positions — traders who bet that the prices would see an uptick — were wiped out in the past 24 hours, according to CoinGlass data.
The losses come amid a market rout as major digital asset prices fell sharply over the last 24 hours. After hitting a fresh 19-month high of over $48,600 earlier this month and trading above $46,000 levels on Friday, the OG cryptocurrency Bitcoin plunged nearly 7% to $42,815. While Bitcoin’s market cap slipped to $839 billion, trading volumes over the past 24 hours rose over 1% to $44.4 billion.
After riding high on the Bitcoin ETF wave, Ethereum (ETH) prices slid almost 2% over the last 24 hours to $2,544, with its market capitalization dropping to $305.7 billion. Trading volume stood at 24.7 billion, up 66% over the last 24 hours.
Smaller tokens also saw a price decline, with BNB off 4.5%, Solana (SOL) down 6.5% XRP, off 4%, Cardano (ADA) down 6%, and Avalanche (AVAX) off 8%. Popular meme coins, such as Dogecoin and Shiba Inu fell more than 4% each.
The subdued sentiment was reflected in the global crypto market cap, which tumbled nearly 5% to $1.68 trillion. The fear and greed index level stood at 63, indicating investor sentiment was somber.
Top 3 Cryptos For Today
Pepe Price Tumbles 7.5%
The frog-themed memecoin Pepe saw its prices decline over 7.5% in the past 24 hours to $0.000001227. Its market cap fell to $516 million while trading volumes plunged over 25% to $157 million.
SUI Price Rallies 14%
Sui blockchain network’s native token SUI jumped over 14% in the past 24 hours. At press time, SUI’s price stood at $1.24, while its market cap surged to $1.36 billion. Trading volumes are up 13% in the past 24 hours, indicating growing retail interest in the digital asset.
BONK Price Plunges Nearly 13%
Solana-based meme coin BONK’s price plummeted nearly 13% to $0.00001365 in the last 24 hours, sending its market cap tumbling to $865 million. Trading volumes over the last 24 hours also fell over 30% to $284 million.
Also Read: Vanguard Escalates Fight Against Bitcoin ETFs, Here’s What Happening
More Stories
Shiba Inu Coin Price Prediction: Will Nexo Listing Propel SHIB To $0.0001 In April?
Morgan Creek-Backed Metaplanet Taps Bitcoin (BTC) As Treasury Asset
Crypto Does Not Have an Illicit Finance Problem, Bad Actors Do