The CoinDesk Market Index (CMI), which tracks the performance of the broader encryption market, plummeted by 5.6% within an hour
The CoinDesk Market Index (CMI), which tracks the performance of the broader encryption market, plummeted by 5.6% within an hour.
The crypto market suddenly plummeted on Wednesday afternoon, erasing the previous 24-hour gains in less than an hour.
The CoinDesk Market Index (CMI), which tracks the performance of the broader crypto market, plummeted by 5.6% in just one hour, with current trading prices 1.3% lower than 24 hours ago.
Bitcoin (BTC) is the largest cryptocurrency by market value, with a recent trading price of approximately $28275, up less than a percentage point, but below its peak of over $30000 earlier on Wednesday. Later that day, Bitcoin fell to a low of $27264.
The recent trading price of Ethereum (ETH) was $1855, slightly lower. The second largest cryptocurrency by market value surged to $1984 and then fell to a low of $1789 on Wednesday afternoon, the lowest price since early April.
According to Coinglas data, traders have suffered losses of approximately $310 million in the past 24 hours due to unwinding positions, as the sharp fluctuations in cryptocurrency prices have cleared long and short positions.
Arkham Intelligence, a blockchain analysis company, pointed out that crypto trading giant Jumptrading deposited $26.6 million in Bitcoin into the exchange before the sharp drop in Bitcoin prices. Sending tokens to an exchange usually indicates an intention to sell.
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