What started as a positive day for crypto markets quickly turned during the US session with Bitcoin
Slides below $ 103,000 from the $ 106,500 level only hours earlier.
At the time of the press, Bitcoin had paired some of the losses and returned to $ 103,200, by 1.2% down over the last 24 hours.
Other large cryptocurrencies lasted steeper falls. Ethereums ether
Then a sharp fall of 4.5% in just 90 minutes to as low as $ 2,372, with trading volume spiking to almost 800,000 ETH, almost eight times the average hourly volume, per day. Coindesk -Data. Solana’s Sun, Dogecoin and Cardanos Ada were 3% -5% lower in the same period.
Volatility Burst caught many traders off-Guard and liquidated about $ 450 million in derivatives that trading positions on centralized exchanges across all digital assets, Coinglass data shows. About $ 387 million of liquidations were tied to long positions aiming to take advantage of rising prices.
While macro -risks abound – among them the ongoing conflict between Israel and Iran – there was no immediate external reason for the sudden price swing. S&P 500 and NASDAQ 100 indexes index only lower during the day.
Bitcoin at stalemate
Zooming out continues BTC to act within a sideways row between $ 100,000 and $ 110,000, which is consolidated just below its record level at all times.
“The mixed view of whether BTC will go over $ 110,000 again or fall into the range of $ 90,000 at all surprises me, and emphasize the overall indecision and the markets feel,” said James Toledano, Chief Operating Officer at Unity Wallet.
“The current BTC death waters reflect a market trapped between Bullish’s long-lasting mood and short-term macroeconomic and geopolitical uncertainty,” he added.
