Bitcoin and Ethereum fell 15% and 20%, respectively, in one day, but why so much and so quickly?
The price of Bitcoin (BTC) and Ether (ETH) fell by 15% and 20%, respectively, on April 23 as the cryptocurrency market became engulfed in a major correction. Five factors likely caused the price of Bitcoin and Ethereum to steeply drop in a single day include mass liquidation, an overheated futures market, the decline of Kimchi premium, whales selling, and Biden tax concerns. Overcrowded futures market sees $4B worth of liquidations On April 23, in a 24-hour span, the cryptocurrency market saw over $4 billion worth of positions liquidated. According to Bybt.com, a data analytics platform, the Bitcoin market is currently majority short, with short positions accounting for around 54%. Binance BTC futures open interest. Source: Bybt.comThis suggests that in the past day, billions worth of long position were liquidated, leaving a lo
Źródło: https://cointelegraph.com/news/5-reasons-bitcoin-and-ethereum-plummeted-15-in-a-single-day
