The cryptocurrency market experienced a sudden and sharp downturn on Friday, April 12, which saw the Bitcoin price and the value of other large-cap assets take severe hits. The price of Bitcoin, which has been mostly moving sideways over the past few days, fell below the $67,000 mark for the first time in more than a week.
As a result of the abrupt decline, the crypto market has witnessed nearly $900 million in liquidations in the past 24 hours. According to Futures market data from Coinglass, losses from leveraged Bitcoin and Ether positions are responsible for the larger chunk of the liquidations.
On-chain analytics firm Santiment has revealed the driving factor behind the latest decline in the Bitcoin price and the general crypto market downturn.
Here’s Why BTC Price Fell Below $67,000
The price of Bitcoin has dipped by about 5% in the past day, crashing from above $70,000 to below $67,000 within five hours. This is the premier cryptocurrency’s first decline below
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