Today was another red day! All top 10 cryptos are in the red and bitcoin (BTC) traders have also been hit in the form of a large amount of liquidations. However, the blows seem to fall especially hard low in the top 10 with cryptocurrencies such as cardano (ADA) and uniswap (UNI), which are falling sharply.
Liquidated half a billion in bitcoin (BTC) derivatives
Starting with the price of bitcoin. Where we saw a test of the 50-Moving Average (MA) on the 4-hour chart this morning, the price has fallen further in the course of the afternoon. In addition, the $ 56,000 region was important to keep an eye on. That price zone should provide support if the bulls are not to lose the upper hand even further.
The low point of the current move so far is at $ 55,609 on cryptocurrency exchange Coinbase. And with the current bitcoin price of $ 56,836, support at $ 56,000 is not lost yet. This price zone is important, among other things, given the centerline of the Bollinger Bands on the daily chart and the 200-MA on the 4-hour chart located here.
For many bitcoin derivatives traders, including futures and options contracts, the day was painful. In total, $ 528 million in long contracts were liquidated over the past 24 hours. We last saw such a spike in liquidations on 24 March, when the price also fell sharply.
These altcoins take the biggest hits
If we take a look at the altcoins in the top 10, we actually only see a rise. Ripple (XRP) is still 1.7% in the green despite the declining market. The biggest losers at the moment are cardano (-6%), polkadot (-7.5%) and uniswap (-8%). Due to the declining bitcoin and altcoins prices, the market drops slightly in value again to $ 1.9 trillion. Bitcoin dominance, on the other hand, is gaining ground again and rose by 0.3% to 55.8%.