Cryptocurrency Market Faces Significant Declines As Bitcoin, Ethereum, And Solana Lead The Drop

In the past 24 hours, the cryptocurrency market witnessed a notable downturn, with Bitcoin (BTC) plummeting to a low of $65,086, marking a 4.57% decrease. Ethereum (ETH) also experienced a significant drop below the $3,200 mark, down by 8.12%. Solana (SOL) followed suit, falling below $150 with a 12.68% decline. 

BTC fell to a low of $65,086, a 24-hour drop of 4.57%. ETH once fell below $3,200, down 8.12% in 24h. SOL fell below $150, with a 24-hour drop of 12.68%, WIF dropped 24.1% and PEPE dropped 20.3%. The entire network liquidated $829 million in the past 12h, of which $785 million… pic.twitter.com/rhpRwYtetX

— Wu Blockchain (@WuBlockchain) April 13, 2024

Other cryptocurrencies, such as WIF and PEPE, saw drops of 24.1% and 20.3%, respectively. The collective market liquidated $829 million in the past 12 hours, with the majority, $785 million, stemming from long orders.

According to data from Spotonchain, Alameda Research, a prominent player in the cryptocurrency space, made significant moves as the market faced a crash. The firm transferred 2,500 ETH ($8.55 million) to Coinbase at a price of $3,426 via the middle wallet 0xcef. 

#FTX and #Alameda Research liquidators truly have a knack for choosing their exit points!

Just 8 hours ago, they deposited another 2,500 $ETH ($8.56M) into #Coinbase at ~$3,426, right before the recent #dump!

Since Mar 1, FTX and Alameda have deposited 15,850 $ETH ($58M) into… pic.twitter.com/CPAJd8EaIJ

— Spot On Chain (@spotonchain) April 13, 2024

This action follows a trend observed since March 1, 2024, where FTX and Alameda deposited 15,850 ETH into Coinbase at an average price of $3,659 ($58 million), often coinciding with dramatic price shifts in the market.

Interestingly, the recent withdrawal of ETH by FTX and Alameda Research preceded a sharp decline in the ETH price. Lookonchain data revealed further activity from a whale in the market. The whale deposited 6,700 ETH ($23.65 million) to Binance just before the market downturn. 

A whale deposited 6,700 $ETH($23.65M) to #Binance before the market dropped.

The whale withdrew 26,698 $ETH($94.3M) from Binance to stake between Feb 7 and Apr 1.

When he withdrew 6,700 $ETH from #Binance yesterday to prepare for staking as before, he seemed to predict that the… pic.twitter.com/A3RRz50QTT

— Lookonchain (@lookonchain) April 13, 2024

Previously, the whale withdrew 26,698 ETH ($94.3 million) from Binance for staking purposes between February 7 and April 1. Notably, the whale’s decision to deposit 6,700 ETH back to Binance yesterday suggests a preemptive move to prepare for staking amid the anticipated market drop.

The cryptocurrency market’s recent volatility underscores the challenges and uncertainties facing investors and traders, highlighting the importance of closely monitoring market trends and institutional movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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mage Source: igorigorevich/123RF // Image Effects by Colorcinch

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