According to data from CoinGlass, over 70,000 traders have collectively lost $200 million in the past 24 hours after they got liquidated, as the value of Bitcoin and Ethereum dropped significantly.
Of the 200 million, $184 million was lost by traders who held long positions in anticipation that crypto prices would soon go up. CoinGlass revealed on Thursday morning that Ethereum traders who had opened long positions lost $55 million.
But what’s causing Bitcoin and Ethereum to lose the gains they have accumulated since the start of the year? CoinGlass says ongoing issues around the United States’ monetary policies, presidential elections, and geopolitical tensions are the main drivers of the current downturn.
Price Analysis of Bitcoin, Ethereum, Solana, and Toncoin
At the time of publishing this article, Bitcoin was trading at $57,365, following a 4.7% drop in the last 24 hours. Ethereum, on the other hand, has seen its price plummet to $3,167 after a 5.2% fall. The coin is trending down despite growing in spot Ethereum ETFs, which are expected to start trading later this month. Meanwhile, BNB has dropped 6.5% to trade at $529.
Solana and Toncoin are two of the two ten cryptocurrencies that have recorded the most losses today. According to data from CoinGecko, Solana is down 8.7% to trade at $135. Before the fall, SOL rallied massively following news that VanEck, an American investment management company, had filed a spot Solana ETF (Exchange-Traded Fund) with the US Securities and Exchange Commission. Toncoin, on the other side, is priced at $7.19 after plunging 8.9%.
Analysts Anticipate a Rally Once Ethereum ETFs Enter the Market
Despite the current price fall, several analysts are optimistic that Ethereum will lead the rest of the crypto market to rally significantly when spot Ethereum ETFs begin trading. Earlier this week, K33 Research predicted that Ethereum ETFs might witness more than $10 billion in inflows over the next 12 months.
Analytics company CryptoQuant is also bullish that an uptrend will resume soon. On Wednesday, the firm released Bitcoin mining metrics suggesting BTC’s price may have bottomed. CryptoQuant claimed that the declining hash rate witnessed in recent weeks is bullish for Bitcoin.
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