Price Bitcoin (BTC) and Ethereum (ETH) We have reduced 6% and 7%, respectively, in the last 24 hours to wipe out recent rises.
Rapid and bearish pricing behavior also states that it has liquidated approximately $ 133 million in Bitcoin and Ethereum positions. Coin glass.. Most of these positions were long.
Bitcoin is currently at $ 29,587, down 5.85% in a single day, according to data from. CoinMarketCap..
It also significantly reduces the largest cryptocurrency with a market capitalization of $ 563.3 billion, by 57.06% from the record high of $ 68,789.63 last November.
Ethereum is also struggling to maintain its recent bullish momentum. The second largest cryptocurrency has reduced 7.42% in the last 24 hours and is currently trading at $ 1,764.
The current bearish behavior has shown that Ethereum has fallen 64.02% from the record high of $ 4,891.70 in November 2021. CoinMarketCap..
according to Crypto Fear & Greed IndexThe method of measuring crypto market movement and the method of measuring whether cryptocurrencies are at a fair price (15 out of 100) are declining, indicating “extreme fear” in the market.
Why did Bitcoin and Ethereum crash?
One of the possible reasons behind today’s bearish behavior diminishes DeFi Slumping activity in Ethereum and Bitcoin trading activity.
TotalValueLocked (TVL) across Ethereum’s various protocols has fallen from $ 88.67 billion to $ 68.02 billion in the last 24 hours. DefiLlama..
TVL is locked to Ethereum. Source: DeFi Llama.
TVL on AaveEthereum’s largest DeFi protocol has declined by 15% in the past month.
other Excellent project favorite MakerDAOCurve Finance, Lido, and Uniswap I also lost a double digit TVL in the same period.
Elsewhere, the flow of Bitcoin to the fiat exchange (where people can sell Bitcoin to cash) has increased by 5% in the last 24 hours, suggesting the sale of Bitcoin to cash. I am.
Bitcoin’s flow to crypto exchanges has declined by 37.4%, indicating a decline in demand for BTC among investors. Chain analysis
Demand for Bitcoin. Source: Chain analysis.
Still, the daily trading volume is Ethereum When Bitcoin It will remain stable for a certain period of time.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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