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Bitcoin Retraces to Prior All-Time High Amid Crypto Market Plunge

by Sham
April 1, 2024
in Crypto
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Bitcoin Retraces to Prior All-Time High Amid Crypto Market Plunge
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  • Bitcoin fell over 4.5% to a local low of $68,000 on April 1, marking a red start to the second quarter after seven consecutive monthly green closes.
  • The flash crash resulted in $319.43 million in liquidations over the past 24 hours, with longs making up the vast majority at $252.42 million.
  • Most of the crypto market mirrored the crash, with Ethereum and Solana falling 5.91% and 6.63% respectively over the past 24 hours.

The crypto market has seen some notable developments recently that provide insight into emerging trends. In this revised blog post, we will explore the key events and what they potentially indicate for the future crypto landscape.

JUST IN: #Bitcoin is retesting its 2021 all-time high of $69,000

Where do we go from here? pic.twitter.com/Esb7J5YvVh

— BlockNews.com (@blocknewsdotcom) April 1, 2024

Bitcoin Flash Crash Signals Caution Ahead

On April 1st, Bitcoin experienced a flash crash, falling over 4% to $68,000. This abrupt downturn resulted in over $31 billion in liquidations, with the majority coming from long positions. While Bitcoin had hit $71,500 just days prior, this sudden crash reinforces that the path to the halving may not be straightforward. The event shows the market remains cautious, with traders closely monitoring support levels. Continued sell pressure could see Bitcoin retest $67,200. However, there is still optimism that new all-time highs are achievable post-halving.

Large Bitcoin Accumulation by Institutional Players

Institutional interest continues to grow, evidenced by Tether’s recent purchase of $618 million worth of Bitcoin. This makes Tether the 7th largest Bitcoin holder with 0.3% of the circulating supply. Additionally, ETF inflows hit over $800 million in March, overshadowing Ethereum outflows of $67 million. Bitwise CIO Matt Hougan expects over $1 trillion to enter Bitcoin from institutions via ETFs. These metrics point to Bitcoin remaining attractive to larger investors.

Market Volatility Impacts Altcoins

Bitcoin’s drop had significant effects on altcoins as well. Ethereum and Solana saw around 5-6% declines over 24 hours. Solana DEX volume did hit a monthly high of $60 billion, but then crashed from this peak. So while interest in altcoins persists, especially in DeFi, their prices remain tightly correlated with Bitcoin price swings. This volatility could stabilize as more institutional money enters the space.

Closing Thoughts

Recent crypto market activity highlights that, while optimism persists, especially regarding institutional interest, caution remains warranted in the short term. However, growing investment in Bitcoin and altcoin projects continues to reinforce their long-term viability. As the market matures, volatility may dampen, but for now, traders and investors must continue monitoring developments closely.

Tags: BitcoincryptoETFflash crashtether
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