Key Reasons Why Cryptocurrency Market Lost $200 Billion in 24 Hours
Main Idea
The cryptocurrency market experienced a significant correction, losing over $200 billion in market capitalization within 24 hours, with major cryptocurrencies like Bitcoin and Ethereum seeing notable declines.
Key Points
1. The cryptocurrency market lost over $200 billion in market capitalization in a 24-hour period, indicating a widespread correction.
2. Bitcoin fell to about $118,300, failing to maintain above $120,000, but remains above the 50-day EMA support level at $110,000.
3. Ethereum (ETH) showed strong underlying accumulation despite short-term selling, with recent large whale wallet inflows.
4. The total cryptocurrency market value dropped to $3.84 trillion, with ETF net flows experiencing a sharp decline.
5. Bitcoin's dominance stands at 61.2%, while the Altcoin Season Index remains at 36, below the level indicating altcoin supremacy.
Description
Cryptocurrency market lost a lot of funding due to long squeeze amid correction
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