By Alicia Maher
Bitcoin may have hit a three-month high, which saw the BTC trading at $48,000 towards the end of March, but buyers’ risk appetite waned on April 4 following the price decline, which dropped to under $45,000.
There was significant price consolidation following the retest of the $45,000 support for the past couple of days, which subsequently spiraled down on Wednesday. The report from CoinGlass shows that in the past 24 hours, more than $300 million has been liquidated in the market, with about 110,880 traders also liquidated.
The massive trading, which came into effect on Tuesday, led to the loss of 5.37% of the BTC’s value to begin trading at the $43,539 mark. Altcoins appear to have been hit the most. The general crypto market is down by more than 7% this week, and the total market valuation is currently $2.01 trillion.s
Ethereum Merger and Current Price Actions
Despite the news of an upcoming merger between Ethereum and the yet-to-be-named blockchain network, the price of ETH has gone down after losing 7.41% value on Tuesday, with the token trading at $3,234 after going down from the $3,300 support level.
Tokens like Solana, Avalanche, and Cardano have experienced the most drop in value by shedding 4.96%, 7.31%, and 5.57 percent, respectively, as revealed by CoinMarketCap.
As for Dogecoin, the meme cryptocurrency has recorded significant gain following reports that its most prominent supporter, Elon Musk, has acquired substantial stakes in Twitter. Going by the news, the DOGE value rose by 4.45% in the last 24 hours.
Miami’s Bitcoin Conference
The considerable sell-off that occurred on Wednesday came amid the largest Bitcoin conference hosted in Miami, which aims to utilize the digital financial asset evolution to transform the city into one of the leading crypto hubs in the world.
Aside from the known geopolitical unrest between Russia and Ukraine, the conference is seen in many quarters as one of the reasons why the crypto market is faltering. It gathers high-caliber players in the industry where ideas will be pitched and various projects discussed.
Suffice to say that both BTC and ADA, LUNA, ETH, and SOL are on the path of recovery, reflecting the directions of other assets, with significant statements expected to be released during the conference. Although one of the keynote speakers, the president of El Salvador, Nayib Bukele, pulled out of the meeting in the last hour, essential issues will still be deliberated despite his absence.
In another development, MicroStrategy has acquired an additional 4,167 BTC alongside Terra, which added more than 5,000 BTC at the same time.
According to the chief marketing strategist at InTheMoneyStocks, Gareth Soloway, a bullish reversal may appear on the horizon if Bitcoin’s price action, despite the retest of $45,000, fails to kick on, setting off a bullish rally.
Most crypto traders would be on the sidelines due to Bitcoin’s tendency to go into unexpected price moves, especially in a week full of activities like the current one.