The crypto market has experienced a sharp decline in prices, driven by sell-offs from major holders and upcoming options expirations. Here we explore the details.
Decline in Major Cryptocurrencies
The total market capitalization of the crypto market dropped nearly 3% to $3.86 trillion. The price of Bitcoin fell to $111,000, while Ethereum failed to maintain its position, also showing a decline after reaching a peak of $4,953.
Total Liquidations on the Crypto Market
In the last 24 hours, over $900 million worth of crypto assets were liquidated. More than 163,000 traders faced liquidations, with the largest single position being a Bitcoin liquidation worth $12.49 million on the OKX exchange.
Impact of Options on the Crypto Market
The upcoming expiration of $11.8 billion worth of Bitcoin options and $3.1 billion worth of Ethereum options was anticipated on Friday. These events could have a significant impact on prices, as potential market fluctuations will depend on the outcomes of option expirations and inflation data.
The crypto market continues to face pressure from actions by large holders and upcoming economic news. These factors maintain uncertainty in price dynamics in the coming days.
