With the fall in the crypto market, the liquidations in the market spiked above $1 billion across crypto exchanges as Bitcoin pulled down the entire market. In the past 24 hours, advanced fluctuations in the market have been witnessed due to the consecutive days of sideways trading for BTC and other altcoins.
Bitcoin Crashes $4K, Crypto Market Tumbles
Even though the crypto market is well known for its fluctuations, the past several days did not prove this point as Bitcoin was being traded within the range of $35,500 and $37,000.
As a result of this, the bears took full advantage of the situation and dumped over $3K and even worsening the situation, dropped further $1,500 in a matter of hours.
Following the flagship cryptocurrency, the altcoins slipped down which eventually led to the fall of the crypto market.
As reported by leading market aggregators, it has been revealed that over $200 billion has been washed away from the market. In addition to this, it was witnessed in the report that the majority of the selling was from the long positions.
Role of Miners in the Recent Market Crash
The downward flow of the leading cryptocurrency comes as the bearish indicators continue to stack up with William Clemente III, a popular market analyst, identifying that the miners have sold over 5,000 BTC over the past week.
Timothy Peterson, a crypto author, asserted:
“This metric has *always* marked the end of a bull run and the start of a bear market.”
Though the market has managed to show a small intraday rise with Bitcoin currently being traded near the level of $33K and Etherum being traded at $2.5K, around 15% of the total market value has crashed.
In accordance with a report shared on Monday, the Bitcoin investment product saw record outflows of $141 billion this past week, while the Ethereum products witnessed $22 million worth of inflows.