In the last hour, the global cryptocurrency market capitalization has seen a significant decline, falling more than 6% to $1.63 trillion. This collapse dragged down major exchanges such as Bitcoin, Ethereum, Solana, XRP and Cardano, which fell more than 6% in just one hour. Bitcoin prices have also plunged 7% to below $41,000, reversing earlier gains.
Volatile week for cryptocurrencies: $600 million liquidated
Today alone, the cryptocurrency market has witnessed over $600 million in liquidations. Long positions worth more than $561 million were liquidated in just one hour. Cryptocurrency traders seem to be aware, as 176,000 traders have been shut down. The largest liquidation order for Huobi's BTCUSDT pair was worth $14.26 million.
Matrixport Bold Forecast
Today Matricport made a bold prediction, which has shocked the entire crypto industry as it affected Bitcoin and other exchanges as well. The company has anticipated that the SEC will reject all Bitcoin ETFs in January, which could potentially trigger a sharp drop in Bitcoin's value from $42,000 to $36,000.
Bitcoin started the year strong, topping $45,000 as everyone talked about a possible spot ETF. However, things got tough lately with some bad news dragging the market down, but the craze for ETFs among investors is the same.
