Cryptocurrency crash: Bitcoin drops from $ 9,000 in an hour to hit $ 42,000!

The bitcoin price crashed early on Saturday, dropping nearly $ 10,000 in about an hour to a temporary low of $ 42,000 before bouncing to $ 45,000.

Bitcoin has lost about $ 15,000 in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has dropped around $ 1,100 over the same time period.

Some cryptocurrencies have fallen more than 20% in the last 24 hours. Most of these assets appear to have suffered a sharp decline since Friday.

According to CoinGecko, the overall market capitalization is currently around $ 2 trillion.

Sales in the spot market appear to have reduced the cryptocurrency before unleashing huge losses from losses in the derivatives markets.

“So far, I have seen over 4,000 BTC sold which brought the market down dramatically,” said Laurent Kssis, an expert on exchange-traded cryptocurrency funds and a director at CEC Capital. “In fact, 1,500 BTC were sold on their own in less than a minute at the time of the crash.”

Data tracked by Coinglass shows that the drop in prices triggered bitcoin futures positions worth nearly $ 600 million in less than an hour. The market seemed over-leveraged at the beginning of the week, with a high open interest (OI) in terms of bitcoins.

“The OI denominated in bitcoin has remained above 365,000 BTC for more than a month. It is rare for such a high OI to persist for such a long period of time. This could suggest that the market is currently oversaturated with leverage, ”says Arcane Research’s weekly note published Tuesday.

Tether (USDT), the world’s largest stablecoin by market value, saw a brief rise to $ 1,025 on Nasdaq-listed exchange Coinbase, moving away from its usual 1: 1 peg.

During sharp price declines, traders generally view the tie as a safe haven, as its value is pegged to the US dollar, a traditional risk market asset.

The drop to its lowest level since late September comes on the back of uncertainties caused by the Omicron variant of COVID-19 and the Federal Reserve’s (Fed) growing concern with high inflation.

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