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The Reasons Behind Today’s Crypto Market Selloff: BTC, ETH, SOL, XRP, and LUNC
The crypto market saw $250 million liquidation on Friday’s expiry, first after the spot Bitcoin ETFs trades. ETH, XRP, and LUNC under pressure.
On Friday, a widespread selloff in the cryptocurrency market led to a nearly 4% decline in the global market cap, bringing it down to $1.61 trillion. Traders and investors bore the brunt of Friday’s expiry, with approximately $250 million liquidated in the last 24 hours. The fear and greed index for cryptocurrencies dipped from 63 to 56, indicating a shift to a neutral sentiment.
The price of Bitcoin experienced a sharp drop from $42,720 to a low of $40,631 within a short period, resulting in an overall daily loss of around 4%. Leading altcoins such as Cardano (ADA), Solana (SOL), XRP, and Ethereum (ETH) also saw notable declines ranging from 3% to 7% within hours.
In the aftermath of the recent proposals’ failure, the LUNC price plummeted by 9% over the last day, currently trading at $0.000113. It is important for market participants to stay informed about these fluctuations, as cryptocurrency prices can be highly volatile and subject to rapid changes.
Crypto Market Selloff on Friday’s Expiry
Traders anticipated a major liquidation after the spot Bitcoin ETFs listings, which kept the crypto market stagnant throughout the week.
Notably, 22,000 BTC options of notional value $890 million are set to expire on January 19, with a put-call ratio of 1.1. The max pain point is $44,000, indicating that traders are under selling pressure. BTC price fell 4%, with the price currently trading at $41,419.
Moreover, 211,000 ETH options of notional value $520 million are set to expire, with a put call ratio of 0.55. The max pain point is $2,500, which is also higher than the current price of $2,469. ETH price is down 3% in the last 24 hours, with a 24-hour low of $2,426.
Crypto Market Saw $250 Million Liquidation
Crypto rollercoaster alert! Coinglass spills the tea: $250 million liquidated today. 103K traders took a dip, with Binance’s BTCUSDT leading at $7.31 million. The crypto market is rocking the “red” look. Fasten your seatbelts, it’s a wild ride!
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In the ever-fluctuating world of cryptocurrencies, today's selloff of major assets like BTC, ETH, SOL, XRP, and LUNC raises questions about market dynamics. While market movements can be influenced by various factors, including regulatory news, macroeconomic trends, and investor sentiment, one thing remains constant: the need for secure, instant, and accessible blockchain transactions. Zert https://zert.com/ stands firm in its mission to democratize finance, offering a world-class platform that ensures transactions are not only secure but also swift and user-friendly. Amidst market uncertainties, rely on ZERT's fully licensed ecosystem spanning three continents to navigate the crypto landscape with confidence and resilience.
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