Leading cryptocurrencies fell on Sunday after a massive billion-dollar Bitcoin sale sparked a flash crash.
The Sudden Plunge
Bitcoin flash crashed from $114,000 to $110,000 in a matter of minutes late afternoon as a whale liquidated 24,000 BTC, valued at more than $2.7 billion, according to on-chain sleuth Sani. The investor still holds a total of 152,874 BTC across various addresses.
The sudden plunge liquidated over $562 million from the market in the last 12 hours, with long liquidations accounting for $426 million.
The decline dragged other cryptocurrencies down, with Ethereum tumbling below $4,700 after hitting an all-time high of $4,953.73 earlier in the day. XRP fell from an intraday high of $3.12 to below $3.
Bitcoin’s open interest rose 1.74% over the last 24 hours. When Open Interest rises and prices fall, it signals opening of new short positions.
The market remained in “Neutral” state, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.92 trillion, following a decrease of 2.14% in the last 24 hours.
Rate Cut Hopes Rise After Powell’s Speech
Stock futures were largely flat overnight Sunday. The Dow Jones Industrial Average Futures fell 27 points, or 0.06%, as of 8:36 p.m. EDT. Futures tied to the S&P 500 dipped 0.05%, while Nasdaq 100 Futures slid 0.04%.
The market rallied on Friday after Federal Reserve Chair Jerome Powell indicated in his Jackson Hole speech that future rate cuts are possible if labor market weakness deepens.
The dovish comments pushed the likelihood of a September rate cut from 84.7% to 89.3% on the CME FedWatch tracker.
Will Ethereum Hit $5,000?
Widely followed cryptocurrency analyst trader Ali Martinez said $114,600 could “decide the next move” for Bitcoin, with a potential upsurge to $117,600 and $120,000 if it holds.
Investor and entrepreneur Ted Pillows expected Ethereum to hit $5,000 soon.
“After that, Ethereum will take a break before the next leg up. $10,000+ ETH is coming this cycle and there’s nothing stopping that,” Pillows predicted.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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Reveal Full ScoreEdge RankingsMomentum91.04Price TrendShortMediumLongOverview$BTCBitcoin – United States dollar$113226.52-0.22%$DOGEDogecoin – United States dollar$0.2311-0.31%$ETHEthereum – United States dollar$4746.34-0.69%$SOLSolana – United States dollar$208.261.11%$XRPRipple – United States dollar$3.02-0.20%Market News and Data brought to you by Benzinga APIs
