Bitcoin Drops to $29,000 in a Matter of Minutes
The cryptocurrency market suffered losses in the past few hours, and it remains to be seen if there will be another crash.
Bitcoin and Ethereum experienced a sudden drop in their prices, with Bitcoin falling to approximately $29,000 and Ethereum trading just below $2,000.
Yesterday Bitcoin had recovered to $30,000 but dropped sharply in less than 15 minutes on April 19, with longs being the majority of the liquidations.
Ethereum is also hovering around a crucial level of $2,000, and the bulls are fighting to defend it. The market is painted red, and all major cryptocurrencies were caught off guard by this move.
READ MORE: Bull Market on the Horizon: Morgan Creek’s CEO Anticipates “Crypto Summer”
In the past 24 hours Arbitrum (ARB) also corrected its gains by 12% and is currently trading at $1.55. The total BTC long liquidations on platforms monitored by Coinglass stood at around $27 million at the time of writing.
Bitcoin is currently trading at $29,320 after a 2% drop in the past 24 hours and has a trading volume of $23.5 billion.
Popular crypto analyst known as Kaleo shared a bullish chart on Twitter accompanied by the message “Don’t listen to the FUD”.
He also said the dips are gifts and that this retracement is “beautiful” for tagging the range lows.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
