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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
