Bitcoin Drops to $27,125, Ethereum Erases Gains from Shanghai Upgrade
The two largest cryptocurrencies, Bitcoin and Ethereum, have experienced a significant pullback over the past week, losing over 12% of their value.
Top Cryptocurrency Price Movements at 09:00 AM on April 22, 2023. Source: Coin360
In the early hours of April 22, the crypto market witnessed another sharp decline in top coins, extending the downtrend to eight consecutive days.
Since reaching a new yearly high of $31,000 on April 14, Bitcoin (BTC) has undergone substantial corrections, with its value dropping by up to $1,000 on consecutive days. At the time of writing, Bitcoin is trading around $27,200, down from $28,000 following a significant sell-off this morning.
4H Chart of BTC/USDT on Binance as of 09:00 AM on April 22, 2023
In just eight days, Bitcoin has lost 12.6% of its value without any clear news catalyst. This drop has led many to speculate that some investors might have decided to take profits after Bitcoin’s strong Q1 2023 performance and are preparing for the typically weaker crypto market in May.
Similarly, Ethereum has fallen by 14.75% over the past week, dropping from its peak of $2,141 to $1,825 as of the morning of April 22. This is the lowest ETH price since early April, effectively erasing the gains made from the Shanghai upgrade on April 13.
4H Chart of ETH/USDT on Binance as of 09:00 AM on April 22, 2023
Most of the top 20 coins (excluding stablecoins) are also following Bitcoin and Ethereum down, with losses ranging from 4-6% over the past 24 hours.
In the last 24 hours, the total value of liquidated derivatives orders reached $190 million, with long positions accounting for 89% of the liquidations.
Derivatives Liquidation Statistics at 09:00 AM on April 22, 2023. Source: Coinglass
