{"id":22662,"date":"2024-06-12T16:30:59","date_gmt":"2024-06-12T13:30:59","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22662"},"modified":"2024-06-12T13:30:48","modified_gmt":"2024-06-12T10:30:48","slug":"bitcoin-and-ethereum-prices-plummet","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereum-prices-plummet\/","title":{"rendered":"Bitcoin and Ethereum Prices Plummet Amid Selloff"},"content":{"rendered":"<p>Over the past two days, the market for <a href=\"https:\/\/coinengineer.net\/blog\/current-state-of-bitcoin-and-cryptocurrencies-june-12\/\">cryptocurrencies<\/a> has seen a clear selloff that has resulted in a spike in liquidations.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereum-prices-plummet\/#Bitcoin_and_Ethereum_Price_Drop\" title=\"Bitcoin and Ethereum Price Drop\">Bitcoin and Ethereum Price Drop<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereum-prices-plummet\/#Leading_Liquidations\" title=\"Leading Liquidations\">Leading Liquidations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereum-prices-plummet\/#Market_Impact_and_Economic_Releases\" title=\"Market Impact and Economic Releases\">Market Impact and Economic Releases<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_and_Ethereum_Price_Drop\"><\/span>Bitcoin and Ethereum Price Drop<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on <strong>Bitcoin<\/strong> price statistics, the biggest cryptocurrency by market capitalization, <strong>Bitcoin<\/strong>, dropped 3.5% during the past 24 hours to $67,275; Ethereum dropped 4.6% to $3,495.<\/p>\n<p>CoinGlass reports that over the past 24 hours, the selloff has caused over $270.4 million in leveraged holdings to be liquidated. Long positions accounted for a good share of $238 million.<\/p>\n<p><span style=\"color: #0000ff;\"><em>This Might Interest You: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-whale-transfers-536-m-after-years\/\">Bitcoin Whale Transfers $536M After Years of Silence<\/a><\/em><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Leading_Liquidations\"><\/span>Leading Liquidations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>With $70.5 million in liquidations, of which $64.6 million were long, ether led the way, as was the case in the wider market. Closely behind at $68.88 million was <strong>BTC<\/strong>. With $99.7 million at publishing time, Binance ranked most among exchanges undergoing liquidations.<\/p>\n<p>Tracking the 30 biggest cryptocurrencies, the GMCI 30 fell 4.6% to 135.58\u2014its lowest level since May 20.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Market_Impact_and_Economic_Releases\"><\/span>Market Impact and Economic Releases<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Markets are lower going into Wednesday&#8217;s double-dose of macroeconomic releases: a Federal Reserve monetary policy announcement and a monthly Consumer Price Index report.<\/p>\n<p>According to Deribit CEO Luuk Strijers, <b>BTC <\/b>has an unusual correlation with risky assets.<\/p>\n<p><em>&#8220;Traders are probably more conservative, so they might use option techniques to hedge until the economic situation is more clear-cut. This could help lower the risk. For <strong>Bitcoin<\/strong> and ether, implied volatility has reduced throughout the curve. For all the mentioned expiries, the basis yields and call skew remained high despite temporary uncertainty,&#8221;<\/em> Strijers noted.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>For the latest news, be sure to follow Coin Engineer News by <a href=\"https:\/\/t.me\/coinengineernews\">clicking here<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the past two days, the market for cryptocurrencies has seen a clear selloff that has resulted in a spike in liquidations. Bitcoin and Ethereum Price Drop Based on Bitcoin price statistics, the biggest cryptocurrency by market capitalization, Bitcoin, dropped 3.5% during the past 24 hours to $67,275; Ethereum dropped 4.6% to $3,495. CoinGlass reports<\/p>\n","protected":false},"author":6,"featured_media":22669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,105],"class_list":["post-22662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin and Ethereum Prices Plummet Amid Selloff - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereum-prices-plummet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin and Ethereum Prices Plummet Amid Selloff - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Over the past two days, the market for cryptocurrencies has seen a clear selloff that has resulted in a spike in liquidations. 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