Bitcoin, Ethereum, Dogecoin Closing April With Heavy Losses, Slide Below $60K Causes Over $380M In Liquidations


Cryptocurrency markets are heavily down on the last day of April, with Bitcoin ETF net outflows continuing to reverse the positive momentum.

What Happened: Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) are about to close the month with losses of 16%, 19% and 40%, respectively.

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A prominent finance and crypto newsletter, WhaleWire, noted that contrary to bullish expectations, the new Hong Kong Bitcoin ETFs may turn out to be a “complete failure.”

The account attributes the price dip to the lackluster start of these ETFs, writing “The six ETFs got on average $1.8 million each, that is the worst-performing ETF launch in history.”

Prices as of 4 p.m. Eastern Time:

Cryptocurrency Gains +/- Price
Bitcoin (CRYPTO: BTC) -5.0% $59,636.5
Ethereum (CRYPTO: ETH) -7.5% $2,945.2
Dogecoin (CRYPTO: DOGE) -7.0% $0.1305

At the time of writing at 4:00 p.m. Eastern Time, $380 million worth of positions had been liquidated in the last 24 hours, with $319 million in long liquidations per Coinglass data. In the past 24 hours, 108,929 traders were liquidated.

IntoTheBlock data shows that Bitcoin exchange net flows dropped by 16.1% to $49.7 million, while large transaction volumes and daily active addresses increased by 36% and 20% respectively.

Top Losers

Cryptocurrency Gains +/- Price
Sei (CRYPTO: SEI) -13% $0.5412
Pendle (CRYPTO: PENDLE) -12% $4.2
Wormhole (CRYPTO: W) -11.2% $0.584

Also Read: Bitcoin ETFs Are ‘Some Of The Best Launches In History,’ Says Analyst, But Ethereum ETF Unlikely Before 2025

Analyst Notes: Crypto trader Rekt Capital, in his latest tweet, notes that Bitcoin is only 4% and 14 days away from equaling both the deepest and longest retrace in this cycle, with the current pullback being 19% deep and 49 days long.

Crypto technical analyst Ali Martinez points out that Bitcoin is currently testing the 100-day EMA while the RSI dipped to 36. It is the same as it was in late January, sparking a major price rebound.

However, he cautions investors, “A sustained close below the 100-day EMA might signal a drop toward the 200-day EMA.”

Heavily followed crypto trader MMCrypto tweets that the full-on beast mode wave is yet to come.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin, Dogecoin, Shiba Inu Pumped After The Last FOMC Meeting—Will History Repeat On Wednesday?

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.





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