The crypto market is putting immense pressure on investors as Bitcoin dropped to $109,000. Liquidations of trading positions, especially in altcoins, have reached record levels.
Ethereum’s Decline and Liquidations
Ethereum was hit the hardest, falling back to $4,400 and erasing much of its recent gains. CoinGlass data shows around $320 million worth of long and short bets on ETH liquidated in the last 24 hours.
Declining Interest in Altcoins
In light of the current uncertainty within the crypto market, interest in altcoins is waning. Over $758 million has been liquidated, with 86% being long positions. The Fear and Greed index remains in the neutral zone but is gradually approaching the fear level.
Challenges for Bitcoin
According to Glassnode, momentum in the Bitcoin spot market has weakened, with its price down by 5% over the past week, averaging $109,728. Data indicates that active addresses fell by 2%, and fees decreased by 17%, indicating diminished demand for blockspace.
With the current situation in the crypto market, investors remain hopeful for recovery, but short-term prospects appear uncertain given the ongoing trends of liquidation and price declines.
